Mothercare appoints new CEO as profit and sales stall
However, international retail sales excluding Russia did increase by 15% to £162m from £140.8m a year earlier
Babywear retailer Mothercare has announced the appointment of Daniel Le Vesconte as group CEO as it revealed a period of tough trading for the half year up to September 2022.
Le Vesconte will start his new role in the new year and brings with him a wealth of experience. He has held senior leadership roles for several globally recognised brands including Abercrombie and Fitch, Hollister and Gilly Hicks and Dr Martens.
The company’s profits and revenues both fell as it looks to recover from the pandemic. Mothercare fell into administration just before the pandemic causing it to close 79 high street stores.
Mothercare’s turnover was £38.5m, down from £41.7m in the same period last year. Profits also fell to just £0.4m from £3.6m last year.
However, international retail sales excluding Russia did increase by 15% to £162m from £140.8m a year earlier.
Chairman Clive Whiley said: “Our results demonstrate the strong foundations and resilience we have created in the business over recent years. Furthermore, we have generated both profit and cash despite the impact of Covid-19 and the war in Ukraine.
“Our immediate priority now remains to support our franchise partners as we together navigate out of this suppressed demand period, recover from supply chain disruptions and rebuild their store footfall whilst growing their digital sales. This inevitably means that a return to pre pandemic levels of trading is taking time, however this will ultimately benefit both our own business and our franchise partners’ businesses in the longer term.”
Whiley added: “Today I am delighted to announce the impending arrival of Dan Le Vesconte as our new Chief Executive Officer, with extensive experience in the retail direct-to-consumer, wholesale and licensing sector he will be a great asset to the executive team.
“Whilst we remain mindful of the current global economic uncertainty we are now wholly focused upon restoring critical mass and driving the Mothercare brand globally over the next five years.”
