Matalan warns on profit
Fashion and homewares retailer Matalan has issued a profit warning after the warm weather in September hit sales of its autumn/winter ranges.
The company has now revised the guidance for its full-year operating profit to between £90 million and £95 million from £108 million to £112 million.
Chief executive Jason Hargreaves told This is Money: "The lateness of the summer heat-wave and Indian summer throughout September has tempered the start to autumn trading, the impact of which has now been fully reflected in our revised guidance for the year."
Hargreaves, who is the son of Matalan founder John Hargreaves, took on the role of managing director this summer following the departure of chief executive Darren Blackhurst.
The retailer has recently launched a new range with model and Strictly Come Dancing star Abby Clancy in a bid to boost sales.
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