mothercare

Mothercare (LON:MTC) sales continued to tumble across the traditionally lucrative Christmas period, as the retailer continues to struggle.

Mothercare said third-quarter sales fell 11.4%, with online sales dipping a further 16.3% during the 13 weeks to January 5.

Chief executive Mark Newton-Jones said: “Whilst the UK continues to be challenging, in part as a result of our planned restructuring, we are still on course to deliver the necessary transformation.”

“Our UK store closure programme continues apace and is ahead of schedule, with 36 stores currently transitioning for closure, meaning we will have a total UK estate of 79 stores by the end of March 2019.”

Last year, the group entered a company voluntary arrangement deal (CVA), in a bid to restructure the business and reverse its ailing financial fortunes.

The CVA allowed the company to close 60 stores across the UK, as well as reduce rents at various locations.

Mothercare has also raised £30 million from shareholders as part of as a share issue.

Back in August, the retailer revealed the extent of its financial woes, posting a £6.2 million loss in its interim results.

The group blamed a challenging retail climate in the UK, however, the firm remained optimistic amid its restructuring efforts and return to growth in international markets such as Russia, China and Indonesia.

The company was founded back in 1961 and has been publicly listed on the London Stock Exchange as of 1971.

Shares in the group are currently + 2.71% as of 10:57AM (GMT).