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Festive sales up but profits hit at Matalan

Matalan has posted revenue growth of 4.9% to £308.3m for the 13 weeks to 24 November.

Full-price sales increased 7% year on year for the period. However, EBITDA dropped 11% to £40m.

In the five weeks to 29 December, sales were up 4% on 2017. In-store sales were up 1.6%, and online sales increased by 33.3%.

Full-price sales decreased 0.5% year on year.

Matalan’s full year EBITDA is expected to be in the range of £100m to £102m.

Jason Hargreaves, CEO of Matalan, said: “A strong third quarter and Christmas trading period demonstrates continued progress and market outperformance, against a very volatile and challenging backdrop.

“In the run up to Christmas the market became increasingly distressed, and we benefited from a planned increase in our promotional sales mix. We also tactically used our database of 12 million active customers to target exclusive offers and discounts in further support of the trade plan. Growing sales over Christmas by 4%, including 33% growth online, without material dilution to our full-price position is a testament to the strength and relevance of our offer. Savvy customers again proved that they will always seek out real value.”

Discussing plans for 2019, Hargreaves added: “Although cautious for the year ahead in what we expect to be a very tough market, our approach is clearly working. As we move into the new year we are focused on our growth strategy, always putting the customer at the heart of what we do. The refurbishment of our existing store estate will continue as will the opening of several new stores. Alongside this we will further grow our online penetration and add even more product choice.”

 

 

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