Missouri Topco, the owner of Matalan, saw its losses for the 52 weeks ended 27 February 2021 extend to £118.6m, up from £16.7m the previous year.
During the period, the fashion and homeware retailer swung to an operating loss of £39.3m, down from £69.3m of operating profits seen in FY20.
The group’s widened losses came as its revenues for the financial year declined 34.1% year-on-year to £744m.
Matalan said that the fall in revenues was “driven by store closures as a result of UK government Covid-19 legislation”.
However, it added that the company “continued to perform strongly, reaching significant year-on-year growth” of its online operations.
Looking ahead, Matalan claimed that it intends to “develop and grow” the business through three key strategies.
These included driving delivery in the core business, further building and developing the group’s capabilities, and unlocking new growth opportunities.
Despite the retailer achieving an over 200% year-on-year growth rate to online demand, it intends to open new physical retail spaces in a “cautious and considered manner”.