Matalan warns on margins as discounting rises

Matalan said that the fashion retail market was the toughest it had experienced in years

Matalan has reported a rise in first-quarter sales and earnings but cautioned that price-cutting is taking a toll on margins.

The value fashion giant posted a total sales rise of 2.9% to £273.5m in the 13 weeks to May 25. Restated EBITDA edged up to £25m from £24.8m in the previous comparable period, while taking into account new accounting rules on leases for the first time, EBITDA was £50.4m.

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