Tighter rein on stock results in strong like-for-like growth
Matalan is continuing its turnaround with tighter management of merchandising and markdowns. In a pre-close statement, the retailer announced that like-for-like sales grew 4.5 per cent in the 52 weeks to February 26. Volume for the period also grew 8.1 per cent. Volume for the 26 weeks to February 26 grew 6.6 per cent, and like-for-like sales increased by 4.6 per cent, partly as a result of Matalan's spring mailer being brought forward from March to February.

Chief executive John King said: 'This year has been about returning the business to sustainable like-for-like growth and we have delivered on that objective. Matalan is now on track to deliver profits for the year to February that are in line with analysts' expectations.'