Fashion

Q1 sales rise at Matalan


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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