Home / Knowledge / News / Apparel/Garments / Matalan registers 29% profit rise
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

Must ReadView All

Textiles | On 20th Feb 2017

UK textile & apparel exports up 7.05% in 2016: UKFT

The exports of apparel and textiles from the UK have increased by...

Textiles | On 20th Feb 2017

Himatsingka Seide incorporates subsidiary in Europe

Himatsingka Seide Ltd, one of the largest producers of home textiles...

Courtesy: Green Initiatives

Apparel/Garments | On 20th Feb 2017

Green Initiatives launches Re:Form to end textile waste

Green Initiatives, a non-government institution, has launched...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search