|Bid||0.2340 x 1000000|
|Ask||0.2800 x 1000000|
|Day's Range||0.2340 - 0.2340|
|52 Week Range||0.1448 - 0.3060|
|Beta (3Y Monthly)||-0.62|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The baby products retailer, on an emergency footing that has seen it close a third of its UK stores in the past 12 months, registered a loss before tax from continuing operations of 67 million pounds versus 94 million pounds a year earlier. "We have achieved a huge amount this year, refinancing, restructuring and reorganising Mothercare to ensure a sustainable future for the business," Chief Executive Officer Mark Newton-Jones said. The high street retailer has been facing intense competition from a new generation of online players which forced it to take radical steps last year that included closing over a third of its UK stores.
This fuelled expectations that the British owner of the Little Bird, Baby K and Blooming Marvellous brands will meet its target of being debt-free this year and drove its shares 20% higher to 24.3 pence on Friday. Mothercare, which floated in 1972 and has been a mainstay of British shopping streets, said it had closed a third of its British stores over the past year, realising more than 25 million pounds in cost savings. "We have achieved a huge amount this year, refinancing, restructuring and reorganising Mothercare to ensure a sustainable future ... The majority of that work is now done," Chief Executive Mark Newton-Jones said.
The FTSE 100 added 0.7% and the midcap index rose 0.5%, slightly off its opening levels, as traders and investors said the market had already priced in May's move when rumours first started circulating. Housebuilders, considered prone to any hit to the economy from a chaotic "no-deal" departure from the European Union, barely budged after May's speech. "It's been so well-flagged and UK assets have been hammered all week.
(Reuters) - Baby products retailer Mothercare Plc said on Thursday it would delay unveiling full-year results by one day due to the complexity surrounding its restructuring, store closures and divestments. ...
UK like-for-like sales fell 8.8 percent in the 12 weeks to March 30 and were down 10.8 percent for the full-year, the company said. Mothercare's main UK business has been losing money for more than a decade as its traditional place on the UK high street collapses in the face of a new generation of online players, forcing the company to unveil a survival plan in July that closed over a third of its UK stores. "The UK store closure programme has been completed ahead of schedule and we now have 80 stores in operation, down from 137 stores a year ago," Chief Executive Officer Mark Newton-Jones said in a trading update on Thursday.
The company's sales and profit have been hammered by intense competition from supermarket groups and online retailers in its main British market as well as by rising costs. In addition to the sale of Early Learning Centre Ltd (ELC), it will also sell some related assets, Mothercare said. "The Group does not have the necessary capital, resources or scale in this category to continue to invest and develop the own-brand ELC toys needed to maximise returns from this specialist brand," the retailer said in a statement.
Struggling British baby products retailer Mothercare (MTC.L) said it would trade from fewer than 80 UK stores by April next year as it shrinks its portfolio as part of a plan to stay in business. Shares in the firm, which traded from nearly 400 UK stores a decade ago, fell as much as 9.4 percent on Thursday after it reported a wider first-half loss and warned trading would remain volatile. The first-half loss reflected an 11.1 percent slump in underlying sales in Mothercare's home market, which it blamed on wider market uncertainty and "negative press coverage" of its financial restructuring.
The job cuts will affect Mothercare's head office and the reorganisation will create 50 new roles, a spokesman said in a statement. The move was part of Mothercare's efforts to meet a 19 million pounds cost-savings target outlined in a rescue plan struck with creditors earlier this year, Sky News reported earlier on Wednesday. Mothercare had over 4,700 employees according to its latest annual report.
British mother and baby products retailer Mothercare said on Monday it was making progress with a survival plan and expected to complete a 32.5 million pound ($43.2 million) equity issue this month. Its profit and sales have been hammered by competition from supermarket groups and online retailers in its main UK market as well as by rising costs. Mothercare said current trading was following the patterns seen in the second half of its 2017-18 year, with challenging conditions in the UK and some stability visible in its international operations.