Matalan increased its total revenue by 3.8 per cent for the year ending February 23rd. It came it at £1.1 billion, up from £1.06 billion for the last year. Profit before tax was £30.1 million compared with £20 million last year with full price sales having risen by 3.2 per cent.
CEO Jason Hargreaves commented; “The business has performed very well this year, outperforming the market in what remains a tough retail climate. A very strong underlying sales, margin and cost management performance has enabled us to absorb a £39 million currency headwind. This has delivered stability of EBITDA and an increase in profits before tax.”
The retailer stated that it expects market conditions to continue to be a challenge and that it will remain cautious for the year ahead, focusing on the execution of its strategy. “Our strategy has added more choice to a strong core product offer while improving the shopping experience via refurbished store space and an enhanced online journey,” added Hargreaves.
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