Value fashion darling of the nineties sees the fruits of its efforts
Matalan has reported interim figures which indicate that the value fashion retailer is firmly on the road to a turnaround.

The retail arm posted total sales growth up by 13.6 per cent for the 26 weeks ended August 28. This is a marked increase on the growth of 3.3 per cent for the same period last year.

Like for like sales for Matalan Retail grew by 4.5 per cent, compared to a decline of 6.7 per cent last year.

Profit before tax for the retail arm in the period was£41.7 million. This was marginally lower than the equivalent period last year but the retailer said that the figures had been affected by changes in accounting practices.

The retailer pinned the success on the effects of its store refurbishment programme and its new EPoS system, as well as a more focussed product offering.

Matalan Group CEO John King said: ' These results show that we have stabilised the business over the last six months. We are delivering better value to our customers through lower prices, stronger promotions, improved quality and greater choice. Our core retail chain has grown profits despite significant investment in our supply chain and our stores.'