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Sales up at Matalan

Revenue at Matalan was up 4.9% year on year for the 13 weeks to 26 May to £265.9m, despite the “volatile” UK market.

EBITDA at the value retailer was up 11% for the quarter, to £24.8m.

The business had a closing cash position of £60.5m.

Jason Hargreaves, CEO of Matalan, said: “Good stock management, flexibility in our operating model and agility in our customer contact strategy helped us outperform a volatile market.

“As our store refurbishment programme continued we delivered growth from both the store estate and also the online channel, which grew by 39%. Our stores and online channels work in a complementary manner giving customers the convenience and flexibility they are looking for. Greater product choice, an improved in-store shopping experience and further enhancements to the website have all been really well received.

“We don’t expect the retail climate to improve in the short term and market conditions will remain difficult. Currency pressures on operating margins are ongoing. We are therefore cautious in our outlook but confident that our strategy is delivering for customers which positions us well.”

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