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Mothercare raises alarm as its sales continue spiral downwards
MOTHERCARE has sent further shockwaves through the retail sector by revealing its UK sales have been “well below” expectations.
The retailer said a downturn in consumer confidence seen following the UK riots continued to knock trading over the last month.
In an update that triggered a 42 per cent slump in its shares, Mothercare said UK like-for-like sales were down 9.6 per cent in the 12 weeks to 1 October and that the outlook for the all-important winter trading period had “materially worsened”.
Chief executive Ben Gordon said: “In the UK, trading conditions have become progressively more challenging and competitive, and our performance has been well below our expectations.”