570 percent jump in profits definitely offsets Matalan’ slowing sales

“Our approach in planning the season was an emphasis on greater co-ordination, improved availability and full price sales conversion. This served our customers well, and we delivered an effective exit from the summer ranges in July.”

With these words, Jason Hargreaves, managing director of Matalan, explained how the affordable fashion label said the business made “solid progress” during the quarter.

A substantial dip in sales hasn’t deterred Matalan from booking an impressive 570 per cent surge in profits in its second quarter.

Matalan’s EBITDA soared to 15.4 million pounds for the 13 weeks to 27 August, after the retailer fixed problems at its distribution centre in Knowsley.

Meanwhile, sales dipped 7 percent to 245.5 million pounds for the quarter, however, full-price sales at the business increased 3.9 percent compared with the same period last year.

Looking ahead, Matalan’s CEO expects the autumn season to remain “challenging”, adding that they “remain measured and cautious in our outlook, focused on continuing to progress our proposition.”