Mothercare had a “difficult” first
half in the UK, posting a group pretax loss of £81.4
million, compared with a profit of £300,000 in the first
half of 2010. Total sales declined 4.3 percent to £281.1
million and like-for-likes dropped 7 percent. Sales also declined
in the company’s online division “Direct in Home”, by
4.2 percent to £42.6 million. In contrast, international
sales rose 15.7 percent to £338.3 million. Announcing the
financial results, chairman Alan Parker also outlined a
restructuring plan that will see the nursery products retailer
“consider the number, format and location of retail outlets
and the plan for ecommerce”. The review will be completed
in the first quarter of the year with implementation in 2012/13,
and will include a new Mothercare website.
Mothercare isn’t the only retailer expanding overseas in the face
of slowing growth in the UK. Read our November/December cover
story:
Direct retailers go global to offset slow growth at
home.
British fashion brand Ted Bakerexperienced a 7.8
percent increase in group revenue for the 13 week period from to
12th November, compared to the same period last year.
French Connection has issued a profits warning
after group pretax profit for the third quarter was £1.8
million lower than the same period last year. The retailer blames
the unseasonably warm weather during the autumn for the poor
volumes in UK and Europe retail.
Lillian Tan will retire as chief executive officer of
Laura Ashley in January after serving seven
years at the retailer. She will be succeeded by current Laura
Ashley president Ng Kwan Cheong on 5 January 2012. Ng was Laura
Ashley’s chief executive from 1999 to 2003, and was reappointed
to the board as a nonexecutive director in March 2008. In related
news, Se�n Anglim joins Laura Ashley as joint chief operating
officer alongside Nick Kaloyirou. Kien-Mun Ho replaces Anglim as
chief financial officer in addition to his existing role as
company secretary.
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