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Matalan retail sales drop 1.8%, 26 weeks to 27th Aug
08 Sep '05
3 min read
Ladies, mens, kids & home clothing retailer Matalan PLC announced the trading statement for the 26 weeks to 27th Aufust 2005.
Current period like for like is based on 169 stores which have traded from the same retail selling space since 29th February 2004.
Click here to see the financial statement:
It has been well documented that the retail sector has suffered from difficult trading conditions and in the 26 week period to 27th August, total sales reduced by 1.8 percent and like for like sales reduced by 6.4 percent. However, they continued to improve margins during the same period, which increased by c.1.2 percent, reflecting a more profitable sales mix and an improved currency position.
The company set their agenda at the beginning of the year to focus on improving margins and cashflow and maximising efficiencies within the business, while continuing to invest in our store portfolio.
Working capital management remains a big focus and we have tightened stock levels and have reduced exposure to terminal markdowns through a satisfactory clearance of Spring/Summer merchandise.
18 store refurbishments have been completed with initial results meeting our minimum 5% sales uplift requirement. A further 17 stores will be refurbished in the second half of the financial year.
The distribution network has been rationalised following the opening of Corby and the closure of Winwick in July. From the beginning of August, the number of stores serviced by Corby has been increased from 40 to 80 which will drive further efficiencies through our distribution network.
Current period like for like is based on 169 stores which have traded from the same retail selling space since 29th February 2004.
Click here to see the financial statement:
It has been well documented that the retail sector has suffered from difficult trading conditions and in the 26 week period to 27th August, total sales reduced by 1.8 percent and like for like sales reduced by 6.4 percent. However, they continued to improve margins during the same period, which increased by c.1.2 percent, reflecting a more profitable sales mix and an improved currency position.
The company set their agenda at the beginning of the year to focus on improving margins and cashflow and maximising efficiencies within the business, while continuing to invest in our store portfolio.
Working capital management remains a big focus and we have tightened stock levels and have reduced exposure to terminal markdowns through a satisfactory clearance of Spring/Summer merchandise.
18 store refurbishments have been completed with initial results meeting our minimum 5% sales uplift requirement. A further 17 stores will be refurbished in the second half of the financial year.
The distribution network has been rationalised following the opening of Corby and the closure of Winwick in July. From the beginning of August, the number of stores serviced by Corby has been increased from 40 to 80 which will drive further efficiencies through our distribution network.
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