Baby and toddler retailer Mothercare has announced that its underlying profits have doubled in the first half of the year, after a worrying 2014.
Figures show that pre-tax profits increased 112% to £7million in the six months to 10th October, compared to £3.3million the year before.
Mothercare’s plan to turn things around has been successful so far due to closing 16 loss-making stores, online sales increasing 22% and the roll-out of a new store format.
Mark Newton-Jones, chief executive, said: "Our work to return the UK business to profitability continues to pay off, with growth in both gross margins and like-for-like sales.” He did also stress that there was “still more work to do”.
Despite international profits decreasing 14.2% to £21.7million due to challenging economic conditions, the company still opened 37 new stores in its first six months of the year.
