Mothercare Plc (MTC.L), a British retailer focused on products for expectant mothers and children up to eight years of age, on Friday reported a rise in pre-tax profit for the first-half, amidst a decline in costs and expenses. However, the company registered a fall in revenue.
For the six-month period to September 23, the retailer posted a pre-tax profit of 2 million pounds, compared with 0.8 million pounds, recorded for the same period last year.
Pre-tax income before adjusted items moved up to 1.8 million pounds from previous year's 1.7 million pounds.
Net profit stood at 1.7 million pounds or 0.3 pence per share as against 0.4 million pounds or 0.1 pence per share a year ago.
Net earnings before adjusted items rose to 1.5 million pounds or 0.3 pence per share from last year's 1.3 million pounds or 0.2 pence per share.
Operating profit was at 3.6 million pounds, compared with 2.9 million pounds a year ago.
Cost of sales stood at 19 million pounds, lesser than 27.5 million pounds a year ago.
Administrative expenses were at 6.4 million pounds as against last year's 8.1 million pounds.
Net finance costs declined to 1.6 million pounds from 2.1 million pounds in 2022.
Mothercare noted that its franchise partners' international retail sales dropped to 137.2 million pounds from last year's 162.1 million pounds. This is mainly due to continued global economic uncertainty, alongside the need to clear old inventory.
Revenue was 29 million pounds, lesser than 38.5 million pounds a year ago.
Looking ahead, the company said: "Our medium-term guidance for the steady state operation, in more normal circumstances, is unchanged and we believe our continuing franchise operations remain capable of delivering approximately 10 million pounds operating profit."
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