- Prachi Singh |
Clothing and homeware company Matalan reported a considerable increase in full-year earnings, though revenues witnessed a 2 percent drop to 1.04 billion pounds (1.32 billion dollars), reports Insider Media. The group’s EBITDA of 77million pounds (98 million dollars) during the period under review rose 37 percent on the prior year, while profits before income tax and exceptional items stood at 9.2 million pounds (11.7 million dollars) against 12.7 million pounds (16 million dollars) losses suffered by the company last fiscal year.
The report added that Matalan’s full-priced sales during the year ended February 27increased 7.5 percent driven by the company’s effort of offering full-priced sales. Quoting the company’s directors in a strategic report accompanying the accounts, the report said significant improvement in the full-priced sales mix was driven by stronger clothing ranges, increased levels of coordination, and a better in-store customer experience.
The company also reported a closing cash position of 81.1million pounds (103 million dollars), an increase of 9 percent over the last year. Based in Kirkby in Merseyside, Matalan was founded by John Hargreaves in 1985. The company runs 227 stores in the UK, an e-commerce platform and 25 overseas franchise stores.