News Retail

British babywear retailer Mothercare swings to pre-tax profit


Image Courtesy: drapersonline.com

Mothercare, the British infantwear retailer, has seen its pre-tax profit for the year touch £ 12.1 million.

Fiscal 2021 had seen the retailer incur a pretax loss of £ 21.5 million.

The retailer has attributed the significant improvement to its focus on its core international franchise and brand management.

Notably, the return to profitability comes after the babywear retailer collapsed into administration in 2019 and closed all its 79 stores in the UK.

However, the retailer said that its overall revenue was impacted by its decision to leave the Russian market earlier this year following country’s invasion of Ukraine.

Mothercare also expects its 2023 earnings to be hit by £ 6 million owing to suspension of sales in Russia.

The British babywear retailer was founded in 1961 and generated £ 513.8 million in 2019.





Source link

Leave a Comment