Mothercare CEO: 'We have a long way to go to bring UK business back'

Simon Calver, chief executive of parenting retailer Mothercare has said he would be "ruthless" on costs after reporting £103 million loss today. Mr Calver, who came to Mothercare from internet movie rental firm Lovefilm, said:

We have a long way to go, and the plan to bring the UK business back to acceptable levels of profitability will take three years.

We need to invest in e-commerce, be ruthless with our non-store cost base and use our scale and growth worldwide to drive sourcing economies and pass these savings onto the customers to improve our value for money around the world.