Matalan have reported that its overall revenue in the first quarter dropped by 72 per cent to £75.3M.
Jason Hargreaves, Chief Executive of Matalan, said: “The results released today reflect the severity of the Covid-19 impact on our business this spring. The stores were closed throughout most of the first quarter as the UK endured lockdown in what has been without doubt the biggest challenge ever faced by the sector. The scale of revenue lost from our closed stores could not be offset by our smaller online channel which continued to trade throughout the quarter.”
Matalan also announced the stores that they have re-opened have performed well; they believe this is due to them being quite large stores and in out-of-town locations. The company also said that they had been able to speed up initiatives that are designed to make the business more agile and efficient during the lockdown period.
Looking ahead, Hargreaves said: “There can be no doubt that consumer uncertainty and broader economic challenges present a tough market going forwards. We remain confident though that whilst we proceed with caution, we have been successfully evolving our business model over recent years and as such are well placed to respond.”
