Matalan the value fashion retailer has seen their sales and profits rise despite a challenging time for retailers.
Revenue for the retailer was up by 3.8% to £1.1bn in the year to 23 February, while underlying earnings were flat at £102.4m and pre-tax profits soared by 50% to £30.1m.
Due to a currency headwind Matalan was hit by £39m however, strong underlying sales and cost management helped to absorb this, said chief executive Jason Hargreaves.
He said, “The business has performed very well this year, outperforming the market in what remains a tough retail climate.
“In uncertain times, we are well positioned in offering the great design, quality and value that appeals to savvy customers.”
Online sales for the fashion retailer have grown by more than 30%, whilst store refurbishments with investment in infrastructure helped boost the businesses efficiency.
Hargreaves said, “Well-managed execution has enabled growth to accelerate this year in both complementary store and online channels, online growing by over 30%.”
He added, “We expect market conditions to continue to be very challenging, and so remain cautious for the year ahead, focused on the execution of a strategy that is clearly working.”
Leave a Comment