Matalan posts rise in annual sales and profit

Matalan, in its results statement for the 52 weeks to February 24, 2018 said that total revenue reached 1,063 million pounds (1,414.6 million dollars) compared to 1,037.3 million pounds (1,380 million dollars). The company’s full price sales increased 11.7 percent. EBITDA for the year was 104.5 million pounds (139 million dollars) compared to 77 million pounds (102 million dollars).

Commenting on the company’s performance Jason Hargreaves, Chief Executive Officer of Matalan, said in a media statement: “The business has delivered a strong year, in which it outperformed the market and successfully refinanced in January. Going forwards, we expect general market conditions to remain challenging and consumer confidence to be fragile for the foreseeable future. The business also continues to manage inflationary pressures and the impact of the post Brexit weakness in sterling. We therefore remain cautious and have planned diligently for the year ahead, which has already seen high levels of market volatility in the spring.”

During the year under review, Matalan invested in improving the customer experience, starting a chain-wide store refurbishment programme and launching a new website, which, Hargreaves said, “delivered sales growth in stores and online growth of over 30 percent”. The company also introduced more newness in its core and seasonal ranges and extended its offer into several new categories.

Picture credit:FTI Consulting