British retailer Matalan's revenue at £288.6 mn in Q2 FY24

The company's EBITDA, post the adoption of IFRS 16, stood impressively at £47.9 million, up from £36.7 million during the corresponding period in FY22. This improvement in EBITDA led to a margin increase from 12.8 per cent to 16.6 per cent year-on-year, the company said in a media release.

When it came to the EBITDA restated under IAS 17, Matalan recorded a figure of £25.1 million, which is a substantial rise from the previous year's £13.1 million. This escalation translated to a margin percentage increase from 4.6 per cent to 8.7 per cent.

“We have delivered a strong Q2 performance against the backdrop of a challenging and volatile retail environment. Shoppers continue to feel the impact of the cost-of-living crisis, spending less often and being more considered with their purchases, while retailers also faced unseasonable weather patterns. We improved our profitability year-on-year, driven by a solid sales performance, tight control of markdown, effective cost management and positive movements in input prices,” said Jo Whitfield, chief executive of Matalan.

ALCHEMPro News Desk (DP)