Matalan has reported its total revenues increased 19% to £291.4m for the 13 weeks ending 27 November 2021 (Q3), compared to £244.8m in the same period in 2021, meaning its total revenue has reached £777.9m from the previous total of £578.1m.
The company’s operating profits also increased by 370% from £7.4m to £34.8m in Q3, while pre-tax profits for all three quarters totalled £11m, which is up from a loss of £76.7m for the same period in 2020.
Additionally, gross profits also increased by 13.1% to £47.5m. Matalan said it was able to grow full price sales in Q3 by over 10% despite the lateness of stock arriving into the UK, with stock “turning quicker” than it had “ever seen before”.
In particular, the reaction to the company’s ladies ranges has been “particularly strong”.
In addition to stock delays, the company has also experienced challenges with extra costs due to UK logistics and labour markets having also suffered heavy disruption.
Steve Johnson, executive chairman, said: “I’m pleased with the way in which our business has responded in managing these challenges, demonstrating unprecedented levels of agility in making stock available to customers as quickly and efficiently as possible.
“We will therefore also continue to invest in our store portfolio in the years ahead, further enhancing the store environment and proposition to capitalise on what we see as an opportunity to add further range, breadth and choice for customers in relevant and adjacent categories.”
He added: “We’re excited about the opportunities ahead and avenues for growth in both store and online channels as we further build capability, while adding new own label ranges and growing our popular stable of third-party brands.”