Matalan has seen its revenue rise 0.8% to £288.6m in its second quarter despite the ongoing cost of living crisis dampening consumer spending habits.
EBITDA came in at £47.9m, compared to £36.7m a year earlier as the retailer attributed the improved profitability to its sales performance, tight control of markdown, effective cost management, and positive movements in input prices.
While sales in UK stores increased by 8%, its online channel is being “actively targeted for improvement” after seeing a 34.7% fall in sales
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Chief executive Jo Whitfield said: “We have delivered a strong Q2 performance against the backdrop of a challenging and volatile retail environment. Shoppers continue to feel the impact of the cost-of-living crisis, spending less often and being more considered with their purchases, while retailers also faced unseasonable weather patterns.”
Whitfield joined the business in March when she succeeded Nigel Oddy, who had held the position on an interim basis.
On the retailer’s new long-term strategy, Whitfield added: “We are focused on initiatives that will open up material growth opportunities in the years ahead, while working at speed to deliver better choice, value and experience for our loyal customers.”
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