Mothercare’s new CFO to start by March-end
Matt Smith joins from retail chain Argos
By CFOWorld.co.uk staff | CFO UK | Published 11:45, 12 February 13
International childcare and clothing retailer Mothercare confirmed that its new CFO Matt Smith, whose appointment was announced in November 2012, will be taking up his role at the company towards the end of March.
Smith will join Mothercare from the Home Retail Group, where he has been for the last decade rising to the position of finance director at the group’s Argos retail chain. Prior to Home Retail Group, he worked at KPMG in London and Sydney as a director in its corporate finance department.
In a statement, Mothercare said interim CFO Dominic Lavelle will be leaving the business in 'due course'.
The company’s chief executive Simon Calver said, "Matt Smith’s appointment adds significantly to the commercial and financial expertise of the company and is vital for the delivery of the Transformation and Growth plan."
The new CFO will have his work cut out. In a January trading update, Mothercare said total group sales in the 13 weeks to 12 January fell 7.4 percent from a year ago. However in the UK, the drop was 12.9 percent.
Removing the effects of the closure of 11 UK stores, the dip in sales came in at 5.9 percent. Away from the British market, Mothercare’s international sales rose 14.8 percent over the corresponding period.
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