Over 700 jobs lost at Matalan despite sales surpassing £1bn

// Sales rise 38% to £1 billion in the 12 months to the end of February at Matalan

// The retailer said its out-of-town stores with free parking remained “safe and appealing destinations for customers”

Sales passed the £1bn mark at Matalan and its losses were slashed during its latest financial year, new accounts have shown.

The Liverpool-headquartered fashion retailer posted a revenue of just over £1bn for the 12 months to February 26, 2022, up from the £744.1m it achieved during the prior 12 months.

Sales rose 38% to £1 billion in the 12 months to the end of February. And its pre-tax losses narrowed to just £7.7 million from £131.5 million a year earlier.

Despite this the retailer shed jobs, with its employee count down from 11,558 to 10,837 during the year.

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The company also said that for the first 13 weeks of its current financial year, revenue rose from £221.8 million to £286.5 million.

Matalan Executive chairman Steve Johnson said: “The results published today for the year to February 2022 represent a strong recovery during what remained a period of ongoing challenges, including mandated store closures and the continuation of worldwide supply chain disruption as a result of the Covid-19 pandemic.

“Despite these obstacles, and assisted by the support packages provided by the government, we significantly improved our level of performance and profitability in what remain demanding circumstances for both our sector and consumers more broadly.

“Throughout the last year, our large and spacious out-of-town stores with free parking remained safe and appealing destinations for customers, with the two newly opened stores also performing well.

“Our stores complement what is now a significantly scaled online business, having grown its turnover by over 50% since the beginning of the pandemic, with lots more potential still to realise.

“Together, they provide our customers with convenient and flexible access to the great quality and value ranges that they trust and rely on, now more than ever.”

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