Matalan posts strong first quarter revenue growth
In the 13 weeks to 26 May EBITDA rose to £24.8 million from a previous £22.3 million.
Jason Hargreaves, Matalan chief executive, said: “Our first quarter represents a strong set of results. Good stock management, flexibility in our operating model and agility in our customer contact strategy helped us outperform a volatile market. Thanks to the hard work of our colleagues we continue to deliver consistently for customers and can be pleased with our performance.”
During the quarter Matalan continued its store refurbishment programme as it worked to give customers an improved in-store shopping experience. It also made some enhancements to its website which helped online sales to grow by 39%.
Looking ahead, Hargreaves added: “We don’t expect the retail climate to improve in the short term and market conditions will remain difficult. Currency pressures on operating margins are ongoing. We are therefore cautious in our outlook but confident that our strategy is delivering for customers which positions us well.”
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