Home Business News Matalan discounts due to disappointing weather

Matalan discounts due to disappointing weather

by LLB Reporter
8th Jul 19 12:06 pm

Matalan the value high street brand has been forced to discount stock earlier than planned due to the weather however, the retailer saw a sales increase for the first quarter.

Revenue growth was reported in the 13 weeks to 25 May of 2.9% to £273.5m up from £265.9m of the same period last year.

Brand sales rose both online and in store with online up almost 30%, underlying profits were flat for this period in 2018 by £25m.

Chief executive Jason Hargreaves said, “Whilst having a manageable impact on the first quarter’s results, there will be more significant dilution to margins in the second quarter as we exit the summer season.”

He added they will continue to refurbish their stores and keep improving their online offering.

He said, “Whilst we react to immediate trading conditions, we remain confident in the longer term direction and progress we are making.”

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