Annual losses widen at Mamas & Papas

According to the latest accounts filed by Mamas & Papas Holdings with the Companies House UK show the company suffered a pre-tax loss of 12.3 million pounds (16.5 million dollars), up from 6.6 million pounds (9 million dollars), in the year ending March 26, 2017. The company’s revenues dropped to 121.1 million pounds (164 million dollars), from 132.7 million pounds (180 million dollars) the previous year.

The company’s operating profit for the year was 200,000 pounds (271,440 dollars), down from 4.4 million pound (5.9 million dollars). Retail like-for-like sales increased by 6 percent during the year, while ecommerce sales rose 8 percent.

The company said in the report that the reduction in profitability was a result of reduction in group turnover, principally in the wholesale business and the weakening of Sterling against the US dollar, which reduced the profit margins.

The company’s capital expenditure in the year was 2.6 million pounds (3.5 million dollars), including a 1 million pounds (1.3 million dollars) investment in stores including two new stores in Liverpool and London.

Picture:Facebook/Mamas & Papas