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Matalan revenue down 1.2% in Q3 FY20

Jan '20
Pic: Matalan
Pic: Matalan
Matalan, a British fashion and homeware retailer, announced third quarter (Q3) revenue dipping 1.2 per cent. Total revenue for the 13 weeks period that ended on November 30, 2019 hit £311.7 million. In the 5 weeks trading statements to January 4, 2020, including Christmas shopping period but not Black Friday, sales grew 0.6 per cent at £134.3 million. 
"Consumer confidence and spending remained depressed in the midst of unprecedented levels of political uncertainty throughout the autumn/winter season. Following an extremely poor market in September, described by the BRC as the worst on record, the actions taken to further strengthen our proposition are starting to positively impact," Jason Hargreaves, chief executive officer of Matalan, said in the press release. 
Hargreaves emphasised on Company's plan to stay connected with the consumers in upcoming year and. "We are giving customers a better all-round experience, providing additional product choice, fantastic new and refurbished store space, and a further improved online journey."
Most encouraging part for Matalan was the 25 per cent growth in online sales.
"Despite remaining cautious in a tough market, I'm confident that with the support of our colleagues we will have a stronger 2020," Hargreaves said.
Matalan, a leading out of town fashion and homeware retailer, serves its customers through 232 stores in the UK, an e-commerce platform and 35 overseas franchise stores. The ultimate parent company of Matalan is Missouri Topco Limited, with the group being ultimately controlled by the Hargreaves family.

Fibre2Fashion News Desk (JL)

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