Matalan has revealed that its total revenue for the 13 weeks to FY23 currently sits at £286.5m, which shows a 29% year-on-year increase compared to last year’s £221.8m.
The company’s EBITDA post adoption of IFRS16 also reached £44.4m so far this year, showing an increase of £2.6m compared to £41.8m in the previous year. Matalan’s restated EBITDA under IAS17 has reportedly reached £20.2m, compared to the last financial year’s £15.9m.
In addition, the brand also revealed that it is in a strong closing cash position, currently sitting at £121m, with the potential to surpass last year’s total of £141.8m.
It is reported that Matalan serves over 11 million customers throughout 230 stores in the UK, as well as an e-commerce platform and 53 overseas franchise stores. Matalan is operated by its parent company, Missouri Topco Limited, with the group being ultimately controlled by the Hargreaves family.
Steve Johnson, executive chairman of Matalan, 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.”
He added: “Our top-line performance shows we are landing great products 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.
“As always, I am extremely grateful to our colleagues, suppliers, and partners who continue to work incredibly hard, to serve and deliver for our customers.”