Online retail sales represented 11 per cent of the company’s total retail sales, slightly down on the 12 per cent for last year, reflecting lower levels of COVID-19 restrictions on store openings, yet still well ahead of the levels achieved in the period prior to the pandemic.

The group’s Russian territory, which ceased contributing to the group’s retail sales and revenue on March 9, 2022, generated £88.2 million (23 per cent) of total retail sales for the financial year to March 2022 and £77.3 million (22 per cent) of the previous year’s total retail sales. Russia contributed around £5.5 million (2021: £5 million) to adjusted EBITDA for the year. The group will not be affected by any further write offs in relation to items such as stock or debt, as a result of the Russian termination, the company said in a press release.

The group recorded a profit for the 52 weeks to March 26, 2022 of £12.1 million (2021: loss of £21.5 million). The adjusted profit for the year was £9 million (2021: loss of £8.6 million).

“The year under review was bookended by the COVID-19 pandemic and the Ukraine conflict, however, despite the persistence of these difficult global challenges, we have begun to demonstrate the potential of Mothercare as an asset light global franchising business. This represents an inflection point for the business, with the combined benefits of more normalised circumstances and the updated financing arrangements greatly enhancing our financial flexibility. Accordingly, whilst mindful of the global inflationary environment and its impact on both consumers and the business we remain positive on the long-term prospects for the Mothercare brand,” Clive Whiley, Chairman of Mothercare, said.

Fibre2Fashion News Desk (RR)