Matalan crashes to first-quarter loss as lockdown hits bottom line

Matalan-storefront-HR

Matalan has tumbled into the red on its first-quarter result as boss Jason Hargreaves described coronavirus as “the biggest challenge ever faced by the sector”.

The homeware and fashion retailer posted a restated EBITDA loss of £35.8m in the 13 weeks to May 30 against a profit of £25m during the same period the previous year.

Revenue dived 72.3% in the quarter to £75.3m, in comparison with sales of £273.5m last year.

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