Mothercare (LON:MTC) released a trading update on Thursday revealing the rate in which its like-for-like sales were declining had improved when compared to the prior two quarters. Shares in the company were trading over 6% lower on the news.

Founded in 1961, it has been publicly listed on the London Stock Exchange since 1971.

The global retailer for parents and young children revealed, for the 12-week period until March 30, that its UK like-for-like sales declined by 8.8%. The fourth quarter decline compares with an 11.4% drop in its third quarter.

This decline is an improvement compared to the previous two quarters, and the company said that this was driven by its clearance of all inventory in its closure stores.

Mothercare said that, with 40 stores closing in 3 months, it has successfully completed the UK store closure programme ahead of schedule.

Last July, the company revealed its plans to close over a third of its UK stores amid battles with online competitors.

“The UK store closure programme has been completed ahead of schedule and we now have 80 stores in operation, down from 137 stores a year ago,” Chief Executive Officer Mark Newton-Jones, commented.

“Whilst this has been a difficult but necessary process, to right-size the UK, it has meant that we have had to say goodbye to many loyal and longstanding colleagues. Their approach and professionalism have been outstanding right until the last day of operation for which we thank them sincerely,” he continued.

Its international retail sales were down 4.9% in constant currency – 4.5% in actual currency.

Mothercare warned that UK market conditions, as well as some international markets, will remain challenging.

“Looking ahead, we expect market conditions in the UK and in some international markets to remain challenging. We enter the new financial year in a more robust position as a restructured business fit for the future and with reduced levels of debt. We have a significantly smaller UK store estate and our International operations remain cash generative,” Mark Newton-Jones said.

Last year, Mothercare revealed the extent of its struggle for survival when it announced a £6.2 million loss.

At 11:14 BST Thursday, shares in Mothercare plc (LON:MTC) were trading at -6.49%.