Matalan thumped by consumer slowdown
The value retail sector has not escaped the current conditions. Looking forward, Matalan said “Trading conditions continue to be difficult and there is little evidence to suggest that this will improve in the near term”
Total sales growth -2.0% (2004: +12.8%) Total like for like sales growth: -6.3% (2004: +4.3%)total core clothing like for like sales growth: – .5% (2004: +1.8%)
John King, Chief Executive of Matalan said ‘Trading conditions continue to be difficult, and there is little evidence that this will improve in the near term. Against this background, our business agenda will continue to focus on improving profitability and strengthening cashflows. A combination of these initiatives helped generate a 1.4% margin uplift in
the first half, and this will remain our focus for the second half.’
