The fashion and homeware retailer has announced their results for the 13 weeks ending August 29.
Total group revenue for the company was down 3.9 per cent to £258M for the third quarter and in the 13 weeks ending August 29, the brand saw EBITDA drop by 44 per cent year-on-year to a figure of £28.5M compared with £42.8M the year before. The results can largely be attributed to the ongoing impacts of the Coronavirus pandemic, which has seen the retailer heavily discount on their surplus stock.
The remainder of Matalan stores reopened throughout June and the footfall and response from customers continues to be positive. The brand has seen positive trading in stores as well as a strong growth in their online offerings which has resulted in their underlying sales performance largely in line with last year on a like-for-like basis.
Steve Johnson, Executive Chairman of Matalan, commented: “We achieved our objective of exiting the season with a health terminal stock position, comparable with previous years, accepting this action has a heavy impact on profits during the quarter. The achievement of this important objective is a testament to the hard work of all of our colleagues in shaping and executing completing events for our customers and positions us well to recover our full price sales mix in the Autumn/Winter period.”
