Mothercare shares soar on upbeat trading statement

BABY accessories retailer Mothercare has enjoyed a surge in overseas sales but said UK takings were flat during its fourth quarter.

Although like-for-like sales in the UK were unchanged compared with a year ago, the City had forecast a decline of up to 2 per cent for the three months to the end of March.

Chief executive Simon Calver, who has closed 56 stores across the UK this year, said strong demand in China and Russia helped lift international sales by 15.5 per cent.

He added: “We are just 12 months into our three-year transformation and growth plan and, while we still have much to do, our business is already on a firmer footing.”

Broker Cantor Fitzgerald expects a full-year profit of £8 million.