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‘Solid’ performance at Matalan

Matalan’s revenue increased 1% to £262.4m for the 13 weeks to 25 August, despite what the retailer called a “volatile and challenging market”.

Full price sales were up 3.3% on the same period in 2017, and EBITDA edged up 0.4% to £22.8m.

The business had a closing cash position of £81.5m, down from £103.6m in 2017.

Jason Hargreaves, chief executive, said: “The second quarter’s results reflect a solid performance in what continues to be a volatile and challenging market. Our offer performed extremely well in the spring, with a reduction in discounts and healthy growth of more than 3% in full-price sales in the summer period. Our unique combination of design, quality and value continues to resonate with customers and has outperformed the wider market.

“A strong focus on our strategy, good operational disciplines and the hard work of our colleagues has enabled us to absorb significant currency pressure in the first half of the year. This pressure increases through the remainder of the year and we don’t expect the difficult market conditions or consumer confidence to improve in the short term. However, we remain confident in our strategy, focused on execution and believe this will continue to drive outperformance to the market.”

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