Matalan has posted total revenues of £1.027bn for the year to February 26th, 2022, up from £744.1m for the previous year. The period included six weeks of pandemic driven store closures. The business was also able to significantly reduce its losses from the £131.5m in 2021 to a very much lower figure of £7.7m. It had made 721 staff redundant during the year as part of its strategy to streamline its business operations.
Significant change is now afoot with Matalan investing in store refurbishments as well as a migration of its online business to the THG Ingenuity platform. The business commented in a statement: “We believe a significant opportunity exists to convert our loyal brick and mortar-only consumers into omnichannel consumers, increasing shopping frequency and customer value.” It will also target opportunities for growth in clothing and homewares categories for its predominantly 45+ customer base whilst also evolving its ‘Real Life Ready’ campaign targeting younger customers.
Executive chair Steve Johnson said: “The results published today represent a strong recovery during what remained a period of ongoing challenges, including mandated store closures and the continuation of worldwide supply chain disruption as a result of the Covid-19 pandemic.”
“Despite these obstacles, and assisted by the support packages provided by the Government, we significantly improved our level of performance and profitability in what remain demanding circumstances for both our sector and consumers more broadly.”
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