// Matalan sees its revenues increase 19% to £291.4 million for the 13 weeks to November 27
// The retailer’s pre-tax profits increased from £1.7 million to £10.6 million during the third quarter
Matalan’s sales jumped to almost £300 million during the third quarter of its financial year, while the retailer’s profits also surged after being boosted by its online operations.
The Merseyside-headquartered retailer reported its total revenues increased 19% to £291.4 million for the 13 weeks to November 27, up from the £244.8 million it reported for the same period in 2020.
In the three completed quarters of its current financial year, Matalan’s revenues totalled £777.9 million, a rise from £578.1 million.
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The company’s pre-tax profits increased from £1.7 million to £10.6 million during the third quarter while pre-tax profits for the three quarters total £11 million, up from a loss of £76.7 million for the same period last year.
Executive chairman Steve Johnson said the results “reflect a strong performance in what continue to be challenging circumstances, not just for ourselves but for the broader sector”.
He added: “The flow of inbound stock has suffered delays and volatility, negatively impacting availability for customers.
“In addition, the UK logistics and labour markets have also suffered their own levels of heavy disruption, all adding significant extra costs for retailers.
“I’m pleased with the way in which our business has responded in managing these challenges, demonstrating unprecedented levels of agility in making stock available to customers as quickly and efficiently as possible.
“When ranges have become available there has been an extremely positive customer reaction with stock turning quicker than we’ve ever seen before.
“The reaction to our ladies ranges has been particularly strong although we know that with a more consistent level of availability we could have satisfied even more of the high level of customer demand we were seeing for the great quality, design and value that we are famous for.