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Matalan issues profit warning

Matalan has issued a profit warning, blaming warm September weather for a poor start to autumn sales.

The value retailer has revised its full year operating profit guidance down to between £90m and £95m from £108m to £112m.

Managing director of Matalan Jason Hargreaves said: “The lateness of the summer heat-wave and Indian summer throughout September has tempered the start to autumn trading, the impact of which has now been fully reflected in our revised guidance for the year.”

The profit warning came as the company published its results for the 14 weeks to August 31, showing an increase in total revenue to £283.5m from £269.2m.

EBITDA for the quarter rose from £17.3m to £20.4m in 2012, however its closing cash position fell to £88.8m from £117.9m year-on-year.

Matalan parted company with chief executive Darren Blackhurst following a 7% fall in profits in July.

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