Matalan revenue hits £1.1bn as profit soars 50%

Liverpool-based bargain retailer Matalan said its revenue rose 3.8% to £1.1 billion for the 52 weeks to February 23 and pre-tax profits soared 50% to £30.1 million.

Matalan CEO Jason Hargreave said: “The business has performed very well this year, outperforming the market in what remains a tough retail climate.

“In uncertain times, we are well positioned in offering the great design, quality and value that appeals to savvy customers.

“A very strong underlying sales, margin, and cost management performance has enabled us to absorb a £39m currency headwind …

“We expect market conditions to continue to be very challenging, and so remain cautious for the year ahead …”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.