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Matalan posts better than expected profits

By Don-Alvin Adegeest

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Business

Matalan on Monday reported better than expected results for the 52 weeks ending 23 February 2019.

The value fashion chain saw total revenue increase 3.8 percent to 1.1 billion pounds, stating it was “outperforming the market in what remains a tough retail climate."

Full price sales increased by 3.2 per cent, while profit before tax was at 30.1 million pounds compared to 20 million pounds last year.

Commenting on Matalan's performance Jason Hargreaves, Chief Executive Officer said in a press statement: “The business has performed very well this year. In uncertain times, we are well positioned in offering the great design, quality and value that appeals to savvy customers."

"A very strong underlying sales, margin, and cost management performance has enabled us to absorb a 39 million pound currency headwind. This has delivered stability of EBITDA and an increase in Profits Before Tax.

"Our strategy has added more choice to a strong core product offer while improving the shopping experience via refurbished store space and an enhanced online journey. We also continue to invest in infrastructure that helps us operate more efficiently. Well managed execution has enabled growth to accelerate this year in both complementary store and online channels, online growing by over 30 percent. We have achieved this while managing the promotional mix sensibly in what has been a distressed market," Hargreaves said.

Photo credit: Matalan website

Matalan