MOTHER and baby retailer Mothercare has reported a slump in profits after warehouse-related problems set back its recovery, and confirmed its chairman would be stepping down.
The group, which issued two profit warnings at the turn of the year, said it was searching for a successor for chairman Alan Smith, who has been with the firm since 1996.
It has commissioned searches for two new non-executive directors, one of whom will replace Mr Smith.
Chief executive Chris Martin said Mr Smith was coming up to retirement.
The announcement came as Mothercare showed pre-tax profits before exceptional costs for the year to March 30 slid to £4.2m, from £10.2m.
The group's figures suffered following its move to a new warehouse in Daventry, Northamptonshire last August.
Teething problems at the warehouse led to severe stock shortages in its stores during the autumn.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article