January 9, 2019 / 7:31 AM / 2 months ago

Mothercare third-quarter sales drop 18 pct, store closures ahead of plan

Jan 10 (Reuters) - Mothercare Plc’s third-quarter group sales slipped 18 percent on lower online sales of baby products and fewer discounts, which led to a double digit dip in UK like-for-like revenue.

The company, which has refinanced and is shutting over a third of its UK stores to combat weak footfall and pressure from online and discount players, said on Wednesday its store closure program was ahead of schedule and that plans for the full-year were unchanged.

Mothercare had said in November it would meet analysts’ average forecast of a pretax loss of about 14.6 million pounds ($18.6 million) for the full 2018-19 year. ($1 = 0.7855 pounds) (Reporting by Shashwat Awasthi in Bengaluru; Editing by Shounak Dasgupta)

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