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Matalan has posted revenues of £288.6m for the 13 weeks ended 26 August 2023, an increase of 0.8% compared with the £286.4m it posted in the same period last year.
Furthermore the company saw a 16.6% increase in EBITDA to £47.9m up from £36.7m last year, after the adoption of the IFRS 16 accounting standard.
The company also posted an EBITDA of £25.1m, an increase of 8.7% from the £13.1m compared to last year, under the IAS 17 accounting standard.
It also stated that it had a closing unrestricted cash of £130.4m compared with £101.6m in the same period last year.
Matalan stated that the financial comparatives provided are those of Missouri Topco Ltd, the parent company of the Matalan group during the comparative reporting period and prior to its acquisition by Maryland Holdco Ltd in January 2023.
Jo Whitfield, chief executive, said: “We have delivered a strong Q2 performance against the backdrop of a challenging and volatile retail environment. Shoppers continue to feel the impact of the cost-of- living crisis, spending less often and being more considered with their purchases, while retailers also face unseasonable weather patterns. We improved our profitability year on year, driven by a solid sales performance, tight control of markdown, effective cost management and positive movements in input prices.
“Since joining the business, we have worked to develop a clear roadmap of business improvements across the short term whilst detailed work has begun on developing our long term strategy. We are focused on initiatives that will open up material growth opportunities in the years ahead, while working at speed to deliver better choice, value and experience for our loyal customers.”
