Matalan has posted annual sales of £1.04 billion for the year to February 25th, a fall of 2 per cent. However, the retailer had turned the corner with a £9.2 million pre-tax and exceptionals profit as against the loss of £12.7 million for the prior year, translating into an EBITDA of £77 million. The business had focused on improving its clothing ranges as well as delivering a better customer experience in-store whilst continuing to re-establish itself as a full priced rather than a discount retailer.
CEO Jason Hargreaves commented “The product offer has continued to improve, as has our execution and brand reach, supporting the growth in full priced sales. Last year’s operational challenges are behind us and we now have a supply chain capable of effectively supporting the business going forward.”
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