Discount clothing and homewares retailer Matalan has confirmed the departure of CEO Alistair McGeorge in its H1 results.
Like-for-like sales growth slowed to 0.5 per cent year-on-year for the retailer during the first half, whilst operating profit before exceptions rose four per cent to £60.5 million in the 26 weeks to August 28th.
McGeorge will move to a non-executive role within the company after over four years as CEO, and Finance Director Paul Gilbert has now assumed the role of acting CEO until a permanent replacement is appointed.
John Mills, Chairman of Matalan, commented: “The board would like to thank Alistair for his contribution as CEO of Matalan since we took the business private in 2006.
“In the last four years, we have made immense strides in developing and growing the business, and Alistair’s clear and decisive management of the business has been a key contributor to this.”
Revenue increased 1.6 per cent for the retailer compared to the same time last year and EBITDA rose to £73.3 million.
Two new stores opened during H1 with another five planned to launch over the remainder of the year.
Matalan’s management hopes that key IT initiatives implemented during the half will result in a reduction in markdown costs, with impact likely to be seen next year.
Paul Gilbert, Acting CEO of Matalan, said: “The group has delivered a robust performance against very strong growth in the same period last year.
“This in the context of a highly competitive market, continued economic uncertainty and widely reported margin pressures.
“Our new store opening programme continues to make good progress and we have delivered encouraging results with a number of strategic growth initiatives.”