Q1 sales rise at Matalan

Total revenue at omni-channel fashion and homeware retailer Matalan, for the 13 weeks ended May 25, 2019 were 273.5 million pounds, up 2.9 percent on the first quarter of 2018.

Commenting on the company’s performance, Jason Hargreaves, Chief Executive Officer of Matalan, said in a statement: “Although we delivered solid overall quarter, the market deteriorated significantly through the course of the quarter. An improvement to the awful spring weather failed to materialize until late June, the May market being one of the toughest we have seen in a number of years. As a result, we had react and begin promoting seasonal stocks. Whilst having a manageable impact on the first quarter results, there will be more significant dilution to margins in the second quarter as we exit the summer season.”

The company said, EBITDA post adoption of IFRS16 was 50.4 million pounds, while restated EBITDA under IAS 17 reached 25 million pounds compared to 24.8 million pounds in the previous year.

 

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