Matalan reports FY20 revenue of £1,129 mn

Matalan, a UK-based leading out of town fashion and homeware retailer, has reported revenue of £1,129.4 million in the fiscal year 2020 ended on February 29, 2020 compared to revenue of £1,103.9 million in previous fiscal. Company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the year were £183.0 million. 

 

Matalan, a UK-based leading out of town fashion and homeware retailer, has reported revenue of £1,129.4 million in the fiscal year 2020 ended on February 29, 2020 compared to revenue of £1,103.9 million in previous fiscal. Company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the year were £183.0 million. #

“As announced in our trading update, it is pleasing to have continued to grow our sales and market share over the last year with online growth particularly strong at 24 per cent. However, these results also reflect the very challenging consumer backdrop, with spending remaining depressed in the midst of unprecedented levels of political uncertainty,” Jason Hargreaves, chief executive officer of Matalan, said in a press release.

 

Matalan, a UK-based leading out of town fashion and homeware retailer, has reported revenue of £1,129.4 million in the fiscal year 2020 ended on February 29, 2020 compared to revenue of £1,103.9 million in previous fiscal. Company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the year were £183.0 million. #

“Now, as we emerge from the Covid-19 lockdown, it is more important than ever to evolve and be agile in responding to changes in consumer behaviour in these unprecedented times. Our business model has proven well positioned to adapt, with a rapidly growing and profitable online channel, and an estate of predominantly large out of town stores where social distancing protocols have been well implemented,” Hargreaves said.

 

Matalan, a UK-based leading out of town fashion and homeware retailer, has reported revenue of £1,129.4 million in the fiscal year 2020 ended on February 29, 2020 compared to revenue of £1,103.9 million in previous fiscal. Company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the year were £183.0 million. #

Matalan’s closing cash for FY20 were £61.2 million (FY19: £72.5m). Company stated that it has introduced a new £25 million credit facility via the Coronavirus Large Business Interruption Loan Scheme. 

 

Matalan, a UK-based leading out of town fashion and homeware retailer, has reported revenue of £1,129.4 million in the fiscal year 2020 ended on February 29, 2020 compared to revenue of £1,103.9 million in previous fiscal. Company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the year were £183.0 million. #

“Our stores began a phased re-opening programme on May 18, with the majority of our stores now open across the UK. We have been encouraged that trading has been strong since re-opening, with customers and colleagues both responding well to the enhanced safety measures in place across all of our stores,” Hargreaves said. “Whilst it is still early in the recovery phase, we are very clear on the key areas the business needs to deliver on in the months ahead. These include accelerating the review and rationalisation of our supply chain to improve efficiencies and create more agility. In addition, we will free up working capital by a much more efficient approach to stock management, utilising our investments in RFID.”