Last checked at 16 Oct 2008 07:00
MOTHERCARE PLC
SECOND QUARTER TRADING UPDATE
Mothercare plc, the leading global retailer of parenting and children's products, today issued an update on trading for the second quarter (13 weeks) and the first half (28 weeks) ended 11 October 2008.
Group performance - first half
UK like-for-like sales(1) up 0.8%; total UK sales up 7.8% (down 1.9% on a proforma(2) basis due to planned reduction in space)
Direct in Home sales up 47.8% (up 26.3% on a proforma basis)
International like-for-like sales up 9.0%; International retail sales up 43.7% (up 36.6% on a proforma basis)
Total group sales up 9.9% (up 0.5% on a proforma basis)
Group performance - second quarter
UK like-for-like sales up 0.5%; total UK sales down 2.6% (due to planned reduction of space)
Direct in Home sales up 25.1%
International like-for-like sales up 8.0%; International retail sales up 37.6%
Total group sales up 0.3%
Ben Gordon, Chief Executive said:
"The Mothercare group performed well around the world in the second quarter. Our UK business was resilient in a slow market, with our Direct business once again delivering particularly strong growth. The integration of the Early Learning Centre and the reshaping of the combined property portfolio remain on track to deliver the benefits previously announced.
"International continues to grow rapidly. With the opening of 78 stores in the first half, including our first two stores in China, we now have 572 stores overseas trading in 49 countries. We are managing the business tightly and despite the issues in the wider economy we enter the second half benefiting from the strength of our two international brands and our positive cash position."
Enquiries to:
Mothercare plc
| Ben Gordon, Chief Executive | 01923 206001 |
| Neil Harrington, Finance Director | 01923 206187 |
Brunswick Group
| Catherine Hicks/Anna Jones
| 020 7404 5959 |
Note 1 - "Like-for-like" sales are defined as sales growth for stores that have been trading continuously from the same selling space for at least a year and include Direct. Sales from Early Learning Centre inserts in Mothercare stores are included where they are trading in existing Mothercare space. International like-for-like sales are the estimated retail sales of franchisees and joint ventures. Like-for-like sales are presented on a proforma basis.
Note 2 - On 19 June 2007, Mothercare completed the acquisition of the Early Learning Centre. For ease of analysis, certain results are also presented on a "proforma" basis which assumes that the Early Learning Centre had been owned for the entire first half this year and last year.
Note 3 - Mothercare expects to announce its interim results on 20 November 2008.