Home and fashion chain Matalan saw sales leap in the past quarter.
The 230-store chain saw sales climb by 29.1% in the quarter to 28 May.
EBITDA rose by 6.2% to £44.4m.
However, cash fell by 14.6% to £121m.
‘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,’ says Steve Johnson, Matalan executive chairman.
‘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. Our top-line performance shows we are landing great product 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.’
