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Mothercare share price slumps as new boss warns chain needs nursing
Shares in Mothercare slumped 8.7 per cent yesterday after the baby product group’s new boss warned that it was in need of an overhaul to compete with rivals.
Mark Newton-Jones, who was made chief executive last week after four months serving as interim chief, said many of its practices were “outdated” when compared with other retailers.
“The business needs modernising and requires investment in its infrastructure, its stores and its head office systems,” he said.
The group, which is expected to reveal new turnaround plans in autumn after its strategic review, said UK like-for-like sales rose 0.9 per cent in the quarter to 12 July.