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Matalan posts profit surge

Value retailer Matalan has seen EBITDA jump by 37.7% to £22.3m for the 13 weeks to 27 May, with investment in the womenswear and online businesses boosting its results.

Total revenue for the quarter edged up by 1.3% to £253.4m, from £250.1m. Full price sales climbed by 21.5% compared with the same period last year.

Its closing cash position for the quarter stood at £72m, up on £53.8m.

Matalan chief executive Jason Hargreaves said the business has progressed with “improvements to the ranges, store estate, and strong [online] growth”.

Hargreaves said womenswear had performed particularly well following further investment in design.

Meanwhile he attributed its online growth to the introduction of next-day click-and-collect, as well as extended cut-off times for customers to place orders.

Matalan will also continue to roll out its store refresh programme during the rest of the financial year.

Hargreaves said he does not expect the retail environment to improve in the near term, and added that the business remains “cautious” going forward.

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