Matalan, the clothing retailer which has 227 stores, announced today its results of their yearly financial performance.
Total revenue was almost £1.1bn with an increase of 11.7% in full price sales.
Jason Hargreaves, CEO of Matalan, said: “The business has delivered a strong year, in which it outperformed the market and successfully refinanced in January. Our customer focused strategy has succeeded in growing sales with operational efficiencies allowing us to improve margins.”
He attributed the success to a newly launched Matalan website as well as a chain-wide store refurbishment programme, which combined to deliver sales growth online and in stores of over 30%.
“We introduced more newness in our core and seasonal ranges which performed well and also successfully extended our offer into several new categories. This strengthened our appeal and reinforced our position as a retailer of choice for family value in our stores and online,” he said.
For the future, Hargreaves said Matalan continues to manage inflationary pressures as well as the impact of weak sterling post-Brexit.
He added: “We therefore remain cautious and have planned diligently for the year ahead, which has already seen high levels of market volatility in the Spring. However, we remain confident in our strategy and the growth levers we have in place.”