Matalan profit & revenue grows amid “tough retail climate”

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Matalan
// Matalan total revenue increased by 3.8% to £1.1bn
// Profit before tax was at £30.1m
// EBITDA decreased from £104.5m to £102.4m

Matalan has recorded a rise in its profits and revenues, “outperforming the market in what remains a tough retail climate”.

For the 52 week period ending February 23, the value retailer’s total revenue increased by 3.8 per cent to £1.1 billion compared to £1.06 billion in the same period last year.

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

Meanwhile, EBITDA decreased from £104.5 million to £102.4 million.

“The business has performed very well this year, outperforming the market in what remains a tough retail climate,” Matalan chief executive Jason Hargreaves said.

“A very strong underlying sales, margin, and cost management performance has enabled us to absorb a £39 million 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.”

Furthermore, Matalan said it expects market conditions to continue to be challenging, and it will remain cautious for the year ahead, focusing on the execution of its strategy.

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