UK: Matalan Q3 earnings drop despite sales rise
- Q3 revenue up 3.7% to GBP321m
- EBITDA down 8.4% to GBP41.5m
- MD hails improved women’s wear offer
Online sales were up 22% during the three month period
Out-of-town fashion and homeware retailer Matalan recorded a drop in third quarter earnings, despite increasing revenues in the three months to 30 November.
The UK company, which left its full-year EBITDA forecast unchanged, added that revenues rose 3.1% in Christmas trading – the four weeks to 28 December – including growth in full-price sales.
Online sales were up 22% and Matalan surpassed its previous record sales figure in one day by 20%.
“The focus in recent months on our ladieswear offer, product availability and online growth delivered an improving trend through the period after a difficult start,” said Jason Hargreaves, Matalan managing director.
“We then carried this improvement through December.”
Hargreaves added that the company remained “cautiously optimistic” about the year ahead, despite the “challenging and competitive” market conditions.
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