Mothercare on the right path
Retail chain Mothercare said its half-year profit more than doubled offering signs that its turnaround is beginning to gain traction.
The babycare group, which also owns the Early Learning Centre, said its underlying pre-tax profit jumped 112 per cent to £7m in the 29 weeks to October 10 compared to a year ago, as it lifted sales.
It said UK like-for-like sales almost doubled to 3.8 per cent, as it refurbished stores and introduced 48 new brands in the period compared to a year ago.
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Hide AdAs a result it said it cut underlying losses at its key UK business by 54.8 per cent to £6.1m.
Mothercare is in the middle of a £100m turnaround plan which has seen it cut UK stores.