Business
Mothercare Plc : Interim Management Statement
Mothercare Plc : Interim Management Statement.
About this update from Mothercare Plc
[{"type":"text","content":"\n Mothercare Plc : Interim Management StatementMOTHERCARE PLCInterim Management StatementMothercare plc, the leading international mother and baby retailer, today issues the following trading update, which covers the 15 week period to 12 July 2014.Overview for Q1 - 15 weeks to 12 July 2014International back to double-digit growth with space up 13.3% and constant currency sales up 14.7%. As anticipated currency devaluation has impacted reported retail salesGlobal retail space up 7.1% year-on-year with 4.5 million sq.ft. and 1,476 stores in 60 countriesUK like-for-like sales up 0.9% and decline in total UK sales in line with space reductionWorldwide network sales up 0.2% with Group reported sales down 1.8% Reduced discount activity in the UK has led to lower sales online at better cash margins, which was in line with expectationsMark Newton-Jones confirmed as Chief Executive Officer today Group performance for 15 weeks to 12 July 2014 15 weeks to: 12 July 2014 % change year-on-yearGroup Worldwide network sales(1) 0.2 Total group sales (1.8) International International retail sales in constant currencies (1) 14.7 International retail sales in moving currencies(1) 0.8 International space (change in sq.ft.) 13.3 UK Total UK sales (1.2) UK like-for-like sales(1) 0.9 Direct in Home sales (6.4) UK space (change in sq.ft.) (2.4) Alan Parker, Chairman of Mothercare plc, said:\"I am delighted to welcome Mark Newton-Jones as Chief Executive Officer. Mark is a first-class retailer with more than 30 years of experience and a highly successful track record. His business transformation expertise gives me confidence that we will achieve our plan to turnaround the UK business and continue our strong International growth.\"Mark has already made a substantial difference in many areas since he joined us, including the introduction of a new approach to trading and we have made an encouraging start to the year. I am pleased that our International business has returned to double-digit constant currency growth and the UK has reported a small positive number for like-for-like sales growth.\"Mark Newton-Jones, Chief Executive Officer of Mothercare plc, said:\"I am very much looking forward to leading the Mothercare Group at this pivotal time in its history an...