Matalan has reported total sales of £273.5 million for the 13 weeks to May 25th, an increase of 2.9 per cent. However, it confirmed that it had to discount stock earlier than usual due to poor weather impacting demand.
“Underlying margin and cost performance also absorbed a £4 million currency headwind in delivering profitability in line with last year,” commented CEO Jason Hargreaves. “Although we delivered solid overall results, the market deteriorated significantly through the course of the quarter. As a result, the market began to discount earlier and to a greater extent than expected, and we ourselves had to react and begin promoting seasonal stocks.”
The retailer is continuing to invest in store refurbishments and its online offer.
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