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Matalan challenged the gloom of the street with rising revenue in the first quarter of its fiscal year.
For the 13-week period ended May 26, the clothing retailer's total business turnover increased by 5%, from £ 253.4 million to £ 265.9 million.
Earnings before interest, taxes, depreciation and amortization increased by 11% to £ 24.8 million.
Matalan Managing Director Jason Hargreaves said, "Our first quarter is a solid set of results, good inventory management, flexibility of our operating model and agility in our contact strategy. customer helped us outperform a volatile market
We are cautious in our outlook, but confident that our strategy is performing well for our clients.
Jason Hargreaves, Managing Director of Matalan
"Thanks to the hard work of our colleagues, we continue to deliver consistently customers and can be satisfied with our He said that he does not expect the retail environment of the UK to improve.
Retailers were hit by lower pound costs, with rates of business s growing and labor costs. in progress, "he said.
" So we are cautious in our case last year, Mr. Hargreaves won 1.5 million pounds after getting a good refinancing plan for Matalan, which has 227 stores in the United Kingdom.
at Companies House, Matalan's highest-paid director, who we thought was Mr. Hargreaves, was earning £ 900,000 in addition to a base salary of £ 600,000
The Profit before tax year to February 24 more than doubled. 20 million, while total income rose 2.5% to £ 1.06 billion from £ 1.04 billion.
It is understood that the reward was related to the results of Matalan, which was the best in seven years, and the refinancing of the retailer's loan notes. expiring in 2019 and 2020.
Press Association
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Tags challenges gloom incomes Matalan retail Rising sales
