UK's Mothercare gains after eking out higher HY profit
24/11/2023 13:03
** Shares of British baby products retailer Mothercare
MTC.L up 10.6% at 5.12p
** Co logs HY profit before tax of 2 mln pounds ($2.5 mln)
vs profit of 0.8 mln pounds a year ago
** "Business model and disciplined approach to cost has
resulted in an increase in profitability for the first half"-
Chairman Clive Whiley
** Hargreaves Lansdown analysts, however, warn that profits
are currently being supported by deep cost-cuts and won't be
enough in the long run
** Co also warns of reduction in store footprint in some
regions due to ongoing pressure after its franchise partners'
international retail sales were impacted by continuing global
economic uncertainty
** Stock down 31.6% YTD
($1 = 0.8025 pounds)
(Reporting by Zainab Saifuddin Saifee in Bengaluru)
((Zainab.SaifuddinSaifee@thomsonreuters.com; +91 8766460080;))