Matalan posts quarterly sales fall
Budget fashion retailer Matalan has reported a fall in quarterly sales and warned of difficult ongoing trading conditions.
Total sales fell 2.7% to £268.1 million in the quarter ending 28 May. EBITDA from continuing operations was £27.6 million.
The retailer said that trading conditions were challenging in June, particularly in the face of earlier competitor sale activity, but said July results have shown some improvement in trading.
Matalan chief executive Darren Blackhurst commented: “Our priority is to remain competitive while providing value and quality to our customers; and we have a renewed focus on exceeding our customers’ expectations in the areas of product design, price and quality in a way that is easier to communicate and understand.”
He added: “Although we are unlikely to feel the improvements this year, we have seen a stabilisation of input cost prices which should allow us to plan with more confidence for next year.”
