Mothercare bucked the retail gloom with a strong set of interim figures.
Group pre-tax profits soared 124 per cent to£13.7 million while group sales rose 9 per cent.
While there was a small rise in UK like-for-likes, up 0.8 per cent, the international business had its best ever half, with a 59 per cent rise in profits. The group now has 572 overseas stores in 49 countries, and announced it will open 10 more in China.
Buy, said Investec: “The group has tremendous potential for growth over the medium and longer term.” The broker also thinks parents will prioritise spending on their children ahead of themselves. However, Citi said hold, fearing that a weaker like-for-like performance at Christmas could put downward pressure on forecasts.
While there was a small rise in UK like-for-likes, up 0.8 per cent, the international business had its best ever half, with a 59 per cent rise in profits. The group now has 572 overseas stores in 49 countries, and announced it will open 10 more in China.
Buy, said Investec: “The group has tremendous potential for growth over the medium and longer term.” The broker also thinks parents will prioritise spending on their children ahead of themselves. However, Citi said hold, fearing that a weaker like-for-like performance at Christmas could put downward pressure on forecasts.
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