Matalan thanks store and range makeovers for jump in first-quarter profits
MATALAN said its stores and ranges makeover helped beat a household budgets squeeze as it racked up a 37 per cent jump in first-quarter profits.
Matalan said its stores and ranges makeover helped beat a household budgets squeeze
Revenue at the privately owned homewares and clothing retailer, with 227 stores, is up 1.3 per cent to £253.4 million, while a 21.5 per cent jump in full-price sales boosted pre-tax earnings from £16.2 million to £22.3 million.
Chief executive Jason Hargreaves said online was growing, and a stores refresh and next day click and collect was well received.
He said: "I am really pleased with our first quarter.
"We had a clear focus on full-price sales and delivering a great offer for our customers.
Matalan's revenue up 1.3 per cent to £253.4 million
"This, with the hard work of our colleagues, has resulted in a strong set of results in what remains a challenging market."
“Ladieswear particularly has had a great season, with our investment in design very successful.”
Matalan has 227 stores
Abi Clancy for Matalan
He agued that “in such a climate Matalan is well positioned to offer fantastic design and quality at outstanding value”.
Matalan operates through 227 stores in the UK, an e-commerce platform and 25 overseas franchise stores.