Matalan Q1 revenue up 29 percent

Matalan has reported a 29 percent increase in revenue in the first quarter of the year.

In the 13 weeks to May 28, the British fashion and homeware retailer made revenue of 286.5 million pounds, up from 221.8 million pounds a year earlier.

The company posted an EBITDA post adoption of IFRS16 of 44.4 million pounds, up from 41.8 million pounds.

Executive chair Steve Johnson told investors: “Our strong sales performance for the first quarter reflects the extent to which our outstanding value continues to appeal to our extremely savvy customers. Sales grew not only when compared to last year, but also against pre-pandemic levels.

“Whilst not immune from the negative market factors facing the sector including weak customer demand, sub-optimal stock levels, and global inflation pressuring margins, Matalan is well positioned to weather these conditions given our reputation not only for great prices, but also for enduring quality, extensive choice, and fantastic design.

“Our top-line performance shows we are landing great product and customers trust us to give them the value they need now more than ever. We will continue to play to these strengths whilst progressing our strategy into the medium term.”