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Matalan registers 29% profit rise
29
Jun '10
With a rise in its yearly profits, economic-fashion and home-ware retailer, Matalan, announces that its expansion plans are back on track.

Matalan had rejected its sale process early this year, and instead posted a 29 percent increase in the underlying annual profits, with sales and margins both on the upward trend.

Currently, the group intends to expand itself and is aiming to set up additional 100 fringe stores in the coming years. Plans of investing in the store's online service are also in the pipeline.

John Hargreaves owns the retail store and he made the adjusted EBITDA (earnings before interest, tax, depreciation and amortization) of £186.5 million in this fiscal, till February 27, which has increased from £145.1 million as registered last year.

Trading from across 205 stores, Matalan said that, they witnessed a rise in their earnings by 8 percent to £1.12 billion, with the like-for-like sales surging by an impressive 6.7 percent.

However, the rise in the like-for-like sales was lesser as compared to last year, but supples as against many high-street competitors, as broke customers turned to stores offering discounts to save money. Net margin was up by 1.4 percent registering 49.2 percent.

According to Alistair McGeorge, Chief Executive, Matalan, the group profited from their investment in the last three years in their goods, people and stores. Further adding that, the market continued to remain challenging for them.

Having called off their group selling plans to private equity, Matalan, accomplished a £525 million debt capital raising process in April. Funds from this package now will be invested in to the group's expansion and growth developments.

Matalan had launched three new stores last year, vis-à-vis in Scotland, London and Manchester. They intend to launch more six-nine new stores this year and touch 15 stores by the coming year. Sales via their online portal are also being worked out efficiently.

They have already expanded in to the international markets, with stores launched in Jordan, Abu Dhabi and Dubai. This is part of their expansion plans of setting up 15 new stores in the Middle East within the next five years.

Fibre2Fashion News Desk - India

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