Profits dip at Matalan in line with expectations

Earnings at fashion and homewares retailer Matalan fell 14% in its first quarter despite a 4% increase in sales.

The company said its EBITDA declined to £23.6 million in the 13 weeks to 26 May while sales grew to £278.6 million from £268.1 million in the same period last year. 

Commenting on the results, chief executive Darren Blackhurst said: “We are pleased that our first quarter result is in line with expectations and the trend is encouraging through June.

“As we now move into the second quarter, the business will remain focused on exiting the spring season with a clean stock package and managing costs tightly whilst continuing to deliver exceptional value for customers.”

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