// Matalan revenues rise by 29% year on year to £221.8m in the 13 weeks to 28 May
// “Sales grew not only when compared to last year, but also against pre-pandemic levels,” Matalan executive chairman
Matalan has seen its revenue rise to £286.5m in the 13 weeks ended 28 May from £221.8m a year earlier.
The fashion and home retailer attributed the uplift to the value, quality and choice it offers customers as shoppers sought out better-value deals amid the cost of living crisis.
EBITDA, post adoption of IFRS16, grew by 6.2% to £44.4m compared to £41.8m in the same period last year.
Meanwhile, restated EBITDA under IAS17 was £20.2 million versus a previous £15.9 million.
Matalan executive chairman Steve Johnson said: “Our strong sales performance for the first quarter reflects the extent to which our outstanding value continues to appeal to our extremely savvy customers. Sales grew not only when compared to last year, but also against pre-pandemic levels.
“Whilst not immune from the negative market factors facing the sector including weak customer demand, sub-optimal stock levels, and global inflation pressuring margins, Matalan is well positioned to weather these conditions given our reputation not only for great prices, but also for enduring quality, extensive choice, and fantastic design.
“Our top-line performance shows we are landing great product and customers trust us to give them the value they need now more than ever. We will continue to play to these strengths whilst progressing our strategy into the medium term.”
Last month, the retailer saw revenue jump 38% to just over £1bn for the 12 months to February 26, 2022, up from the £744.1m it achieved during the prior 12 months.
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