Mothercare has announced that it will raise the prices of its clothing and toy ranges by up to five per cent in the wake of the suffering pound.
The lifestyle retailer‘s chief executive Mark Newton Jones has said that despite pushing to strike better deals with its suppliers there was no longer room to absorb costs and they must be passed on to customers.
“From the middle of the year our selling prices will move by 3% to 5% as that inflation flows through,” he said.
This comes just a day after the retailer released its fourth quarter results posting a 4.5 per cent rise in like-for-like sales in the UK. Outside of the UK, sales dipped 1.7 per cent on a constant currency basis, but this was offset by turbulent currency fluctuations.