Oct 8, 2018

Discount store group Matalan warns of intensifying sterling pressure

Matalan, the discount store operator, said full-price sales grew 3 per cent in the second quarter in a "Volatile and challenging" environment and warned that the weaker pound would continue to cause it problems. For the first half, the privately owned group said pre-tax profit was £13.2m, up from £10.1m in the same period a year ago. Sterling has declined 3.3 per cent against the dollar this year. Jason Hargreaves, chief executive and the son of founder John Hargreaves, said online sales increased 25 per cent during the second quarter, significantly lower than the 39 per cent growth seen in the first quarter. Matalan this year completed a substantial refinancing that extended its loans until 2023, but it remains heavily indebted with negative shareholders' funds.

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