Mothercare Plc (MTC.L), a British retailer focused on expectant mothers and children, said in a pre-close trading update on Thursday that it posted a decline in retail sales for financial year ended on March 25.
For the 12-month period, the company's retail sales by franchise partners were at 322 million pounds, compared with 385 million pounds of 2022. The previous year figure included retail sales of 88 million pounds from Russian operations.
Excluding Russian retail sales, the company registered a rise in retail sales for 2023 by 8 percent.
The company expects adjusted EBITDA of 6.5 million pounds to 7 million pounds for 2023.
EBITDA before adjusting items is now expected to be in the range of 6.5 million pounds to 7 million pounds for the year to March 25, 2023. For the year to March 2022, the firm's Russian territory directly contributed some 5.5 million pounds to its adjusted EBITDA. As previously reported, in many of the company's territories still need to clear old inventory due to the suppressed demand during Covid-19. Among other factors, this will continue to impact the Group results for the financial year to March 2024, which will defer previously anticipated growth notwithstanding ongoing improvements in product and service.
Looking ahead, the company said: "Our medium-term guidance is unchanged for the steady state operation in more normal circumstances and we believe our continuing franchise operations remain capable of exceeding 10 million pounds operating profit and we are now focused on accelerating our growth in both existing and new markets."
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