Matalan revenue up 30%

Matalan has announced revenue of £286.5 million in the 13 weeks up to 28 May 2022.

The first quarter results mark a 29.2 per cent increase compared to the same period in the previous year.

Meanwhile the fashion and homeware retailer’s cost of sales increased by 32.6% to £254.1 million in the 13-week period to 28 May 2022 compared to £191.6 million as of 29 May 2021.

The uptick in revenue follows a tumultuous period for the company throughout closures necessitated by the pandemic lockdowns.

In April 2020, Matalan sought around £60 million of investment after having to close its 232 stores.

The company said it was considering its options to secure short-term funding, according to a statement issued to bondholders that was seen by the Mail on Sunday.

At the time, a spokesperson for Matalan said it had “bolstered its liquidity by drawing down fully against existing revolving credit facility having never before done so”.

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