Home Business News Matalan hit with revenue headwinds

Matalan hit with revenue headwinds

by LLB Reporter
20th Jan 20 3:04 pm

Matalan has been hit by headwinds in the final months of 2019 with revenue reaching £311.7m in the 13 weeks to 30 November, 1.2% drop compared to the previous year.

Earning before interest, tax, depreciation and amortisation (EBITDA) in the third quarter results dropped by more than £6m to £33.7m, with cash in the bank at £73.1m compared to £91.2m the year before.

Matalan chief executive Jason Hargreaves said, “The challenges faced by ourselves and the wider market have been well documented and our results released today continue to reflect that backdrop.

“Consumer confidence and spending remained depressed in the midst of unprecedented levels of political uncertainty throughout the autumn/winter season.”

He added, “In the ever-changing landscape retailers are now faced with, it’s more important than ever to evolve and to be agile, efficient and deeply connected to our customers.

“Despite remaining cautious in a tough market, I’m confident that, with the support of our colleagues, we will have a stronger 2020.”

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