Shares in baby care retailer Mothercare (LON:MTC) fell nearly 5 percent on Thursday, after a fall in online sales dampened investor confidence.
UK like-for-like sales rose 1.9 percent during the quarter, with the company entering the end of season sale with lower stocks and achieving a higher sell through rate.
However total sales fell 1.8 per cent with online sales growth slowing sharply, dropping to 3.3 percent in the second quarter.
International sales fared better, rising 2.2 per cent, but plunging 8.3 per cent with the boost from the Brexit-hit pound stripped out.
The group attributed the lower UK sales to the ongoing store closure programme, as part of an ongoing effort to cut costs. Mark Newton-Jones, Chief Executive Officer of Mothercare, said they “continued to make progress in the UK during the period.”
“Whilst online sales recorded a lower growth, in contrast to higher sales growth in store, we don’t believe this represents an underlying permanent shift in customer behaviour.
“In our International business, the challenging economic conditions in the Middle East continue and are impacting overall performance, and so the outlook remains volatile.”
Mothercare shares are currently trading down 4.47 percent at 98.40 (1104GMT).
