By Luke Tugby2019-10-14T07:48:00
Matalan has suffered a drop in second-quarter profit as political uncertainty and “awful” weather during spring dented earnings.
The fashion retailer said EBITDA fell 28.5% year-on-year to £16.3m in the 14 weeks to August 31. On a post-IFRS 16 basis, EBITDA was £42.8m.
Matalan raked in sales of £292m during the period, up 11.3% year-on-year.
However, higher levels of discounting required to sell excess stock meant that sales growth did not feed through into the bottom line.
Please sign in now if you have a subscription
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.