LONDON (dpa-AFX) - Mothercare plc (MTC.L) issued a trading update for the 12-week period to March 30th 2019. UK like-for-like sales declined 8.8% during the quarter; while International retail sales were down 4.9% in constant currency; and down 4.5% in actual currency. Looking forward, the Group stated that it remains on track to deliver on its full year expectations. The Group said it is on track to deliver at least 19 million pounds of annualised cost savings.
Mark Newton-Jones, CEO of Mothercare plc, said: '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. We continue to manage our cash tightly and we have further reduced the levels of debt as part of our aspiration to be bank debt free by the end of 2019. The disruption we have seen from both the organisational changes and the UK store closures is now largely behind us. Looking ahead, we expect market conditions in the UK and in some international markets to remain challenging.'
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