Matalan reports ‘solid’ first quarter results
Matalan has described its first quarter results as solid after revenue grew by 2.9% to £273.5 million.
In the 13 weeks to 25 May, the company’s online sales climbed by almost 30%.
Its underlying margin and cost performance absorbed a £4 million currency headwind, but profitability was in line with the same period last year.
Matalan opened several new stores in the quarter including shops in Leeds, Bracknell and Wolverhampton.It is also in the process of refurbishing some stores.
The company said there was a significant deterioration in its market in the period which included one of toughest Mays it has ever seen. This meant Matalan had to cut prices on summer stock earlier than usual to enable it to remain competitive with rivals.
Jason Hargreaves, chief executive of Matalan, said: “Despite this we continue to make progress with our strategic areas of focus. Whilst we react to immediate trading conditions, we remain confident in the longer term direction and progress we are making.”
