Mothercare posts 37% FY profit increase
Underlying profit before tax rose 37% in the 2014/15 full year to £13m at UK's Mothercare. International sales rose 2.2% to £754.4m, but UK sales dropped by 0.9% to £458.1m as more underperforming stores were closed.
Online sales increased by 18% and now accounts for 30% of all UK sales. Over a third of online sales are now collected in store, and 82% of online traffic to the site comes from mobile phones.
In the full year, Mothercare successfully refinanced the business, ending the year with net cash of £31.5m, compared to net debt £(46.5) min FY2013/14.
Alan Parker, Chairman of Mothercare plc, said: "This year has been one of major change for Mothercare. We recruited a new CEO and CFO, entered into new financing arrangements with our banks, saw off an unwelcome takeover approach and successfully completed a rights issue. I am confident that we now have the right leadership and plans to achieve our clear potential of being a world leading global retailer."
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