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Share Price Information for Mothercare (MTC)
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Share Price:
4.75
Bid:
4.64
Ask:
5.50
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0.86 (18.534%)
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Don't have an account? Click here to register.Mothercare's sales continue to dive as restructuring plan finds its feet
Wed, 09th Jan 2019 10:16
(Sharecast News) - Beleaguered mother and baby products retailer Mothercare reported sliding third-quarter sales amid a "difficult" consumer backdrop over the festive period.For the 13-week period ended 5 January the London-listed company's total group sales dropped by 18% against the same period last year as Mothercare stated that business suffered due to lower levels of discounting and less clearance stock relative to the prior year.Total UK sales dropped by 18% as UK online sales fell by 16% amid lower website footfall, while international sales in constant currencies fell by 1.1%.However, the retailer said it is on track to deliver its strategic transformation plan despite the dropping sales and a year that was pockmarked with profit warnings.Mark Newton-Jones, chief executive of Mothercare, said: "Whilst the UK continues to be challenging, in part as a result of our planned restructuring, we are still on course to deliver the necessary transformation."Newton-Jones added that, with the recently completed sale and leaseback of its UK head office, Mothercare has adopted a "leaner" organisational structure in order to reduce levels of debt in the business and reach the target of being debt-free by the end of the current year.Meanwhile, 36 of the retailer's stores are transitioning for closure which will leave the business with 79 UK stores by the end of March, down from 137 in May 2018."Looking ahead, our International business continues to show signs of recovery, although we expect market conditions in the UK to remain challenging with further disruption until April from our store closure programme. However, given the pace of our strategic transformation plan, our full year profit guidance is unchanged," said Newton-Jones.A note from Shore Capital said that the trading update made for "painful" reading at first sight but argued that "excellent work" has been done in the financial restructuring of the business."At the end of the day, Mothercare's trading has to improve to harvest the benefits of the difficult re-structuring work undertaken to date. However, the upside potential could be considerable," said the note.Mothercare's shares were up 1.66% at 16.00p at 1017 GMT.
More News
10 May 2024 14:10
Mothercare shares tumble on weak annual trading and finance troubles
(Alliance News) - Mothercare PLC on Friday said it was pursuing refinancing options with its senior lender, following a tough financial year in which franchise partner sales were dragged down by weak trading in the Middle East.
Read more10 May 2024 10:59
AIM WINNERS & LOSERS: Polarean wins deal; Genedrive completes placing
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Mothercare shares slide as group enters refinancing negotiations
(Sharecast News) - Retailer Mothercare shares nosedived in early trading as the group revealed it had entered refinancing negotiations as demand for its products continued to be subdued.
Read more29 Apr 2024 10:02
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Read more24 Nov 2023 11:20
Mothercare half-year profit jumps as costs fall sharper than revenue
(Alliance News) - Mothercare PLC on Friday reported higher interim profit as cost of sales declined faster than revenue.
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Read more24 Nov 2023 07:54
Mothercare hit by tough Middle East trading
(Sharecast News) - Mothercare reported a rise in first-half profit on Friday, but sales fell due to pressures in the the Middle East and the retailer warned that more of its franchise stores could close.
Read more16 Oct 2023 15:46
UK shareholder meetings calendar - next 7 days
| Tuesday 17 October | |
| Diverse Income Trust PLC | AGM |
| Gateley Holdings PLC | AGM |
| Wednesday 18 October | |
| Ashmore Group PLC | AGM |
| Barratt Developments PLC | AGM |
| Round Hill Music Royalty Fund Ltd | Court Meeting and GM re cash offer |
| Thursday 19 October | |
| Argo Group Ltd | AGM |
| Bridgepoint Group PLC | GM re adding Energy Capital to platform |
| Direct Line Insurance Group PLC | GM re sale of brokered commercial insurance business lines to RSA Insurance Ltd |
| Instem PLC | GM re takeover by Archimed |
| Medtronic PLC | AGM |
| Pantheon International PLC | AGM |
| Rank Group PLC | AGM |
| Friday 20 October | |
| GSTechnologies Ltd | AGM |
| Monday 23 October | |
| abrdn New Dawn Investment Trust PLC | GM re scheme and associated amendments to Company's articles |
| City of London Investment Group PLC | AGM |
| Finsbury Food Group PLC | GM re takeover by Frisbee Bidco |
| Landore Resources Ltd | EGM re fundraising |
| Mothercare PLC | AGM |
| Naked Wines PLC | GM re annual report and accounts |
| Oracle Power PLC | GM re capital reorganisation |
| Provexis PLC | AGM |
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22 Sep 2023 11:43
Mothercare annual loss narrows but chair says "still work to do"
(Alliance News) - Mothercare PLC on Friday said revenue fell in its latest financial year, but that its pretax loss narrowed and it expects to complete refinancing discussions "shortly".
Read more22 Sep 2023 11:22
AIM WINNERS & LOSERS: Mothercare goes global; Katoro Gold needs cash
(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.
Read more22 Sep 2023 10:59
Shore Capital upbeat on Mothercare's future, but stock still a 'hold'
(Sharecast News) - Mothercare's forecast-beating annual results demonstrate "resilience and adaptability" according to Shore Capital, but that wasn't enough to change the broker's 'hold' rating.
Read more22 Sep 2023 09:45
Mothercare swings to loss, still beats expectations on earnings
(Sharecast News) - Infant and young children's retailer Mothercare reported a loss of £0.1m in its full-year results on Friday, swinging from a profit of £12.1m in 2022.
Read more9 Jun 2023 11:43
IN BRIEF: Mothercare CEO steps down after five months in role
Mothercare PLC - Hemel Hempstead, England-based retailer - Says Chief Executive Officer Daniel Le Vesconte has stepped down from his role, and Chair Clive Whiley and Chief Financial Officer Andrew Cook will lead the operating board until a replacement is found. Le Vesconte joined the firm as CEO in January after holding senior leadership roles for brands such as A&F Corp, Dr Martens PLC and VF Corp. Mothercare has not specified the reason for his departure, but Whiley says "a change in the CEO is in the best interest of the company and its shareholders."
Read more9 Jun 2023 07:11
Mothercare CEO Le Vesconte steps down
(Sharecast News) - Mothercare said on Friday that chief executive officer Daniel Le Vesconte has stepped down with immediate effect, and that its performance remains on track.
Read more