Mothercare appoints FD as losses narrow

MOTHERCARE HAS ANNOUNCED the appointment of Argos finance director Matt Smith as its new chief financial officer as it revealed it cut losses first half losses in its UK business.

The retailer posted second quarter like-for-like sales growth of 0.3%, the first increase in underlying sales for ten consecutive quarters. The improvement in sales and cost savings helped the loss from its UK business narrow to £17m from £18.5m.

Smith will replace finance director Neil Harrington, who resigned from the company in April, just days after the arrival of Simon Calver as chief executive.

Smith is currently FD at Argos, part of Home Retail Group, where he has spent ten years in senior financial roles.

Previously, he worked at KPMG both in London and Sydney, becoming a director in its corporate finance department.

"Matt's experience working for a multi-billion pound UK retailer, and his understanding of multichannel development, will provide the company with the financial and commercial expertise that it requires to deliver our transformation and growth plan, and to grow the business both in the UK and internationally," Calver said.

Smith will join Mothercare on a date to be announced. In July, turnaround specialist Dominic Lavelle was made interim CFO of the babywear retailer.