{"id":162882,"date":"2020-01-20T14:21:38","date_gmt":"2020-01-20T14:21:38","guid":{"rendered":"https:\/\/www.theindustry.fashion\/matalan-subdued-in-tough-retail-market\/"},"modified":"2021-08-12T14:06:25","modified_gmt":"2021-08-12T14:06:25","slug":"matalan-subdued-in-tough-retail-market","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/matalan-subdued-in-tough-retail-market\/","title":{"rendered":"Matalan subdued in tough retail market"},"content":{"rendered":"<p>Matalan was not immune to the headwinds facing the high street <strong>in the closing months of last year as revenues and profits dropped.<\/strong><\/p>\n<p><!--more--><\/p>\n<p><strong>Revenue hit \u00a3311.7 million for the 13 weeks ending 30 November<\/strong>, a 1.2% drop from the same period a year earlier.<\/p>\n<p><!--more--><\/p>\n<p>The third-quarter results also showed that earnings before interest, tax, depreciation and amortisation<strong> fell by more than \u00a36 million to \u00a333.7 million.<\/strong> It had \u00a373.1 million in cash at the end of the year, compared with \u00a391.2 million a year earlier.<\/p>\n<p>Over the five weeks to 4 January, which includes the Christmas shopping period, but not Black Friday, sales increased 0.6% to \u00a3134.3 million.<\/p>\n<p>The British Retail Consortium said last year that September, which is part of the 13 weeks in Matalan\u2019s report, was the worst on record.<\/p>\n<p>\u201cThe challenges faced by ourselves and the wider market have been well documented and <strong>our results released today continue to reflect that backdrop<\/strong>,\u201d said Matalan chief executive Jason Hargreaves.<\/p>\n<p>\u201c<strong>Consumer confidence and spending remained depressed<\/strong> in the midst of unprecedented levels of political uncertainty throughout the autumn\/winter season.\u201d<\/p>\n<p>Hargreaves said the company is<strong> starting to see results from the new initiatives<\/strong> it took to strengthen its stores.<\/p>\n<p>\u201cIn the ever-changing landscape retailers are now faced with, it\u2019s more important than ever to evolve and to be agile, efficient and deeply connected to our customers,\u201d he said.<\/p>\n<p>Matalan has <strong>refurbished several of its stores and invested in its online business,<\/strong> which is growing by 25%.<\/p>\n<p>\u201cDespite remaining cautious in a tough market, I\u2019m confident that, with the support of our colleagues, <strong>we will have a stronger 2020<\/strong>,\u201d Hargreaves said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":136848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[12353,12352],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Matalan subdued in tough retail market - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Matalan was not immune to the headwinds facing the high street in the closing months of last year as revenues and profits dropped. 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