Matalan, a UK-based leading out of town fashion and homeware retailer, reported sales decline to £75.3 million in its first quarter (Q1) FY21 ended on May 30, 2020 compared to sales of £273.5 million in same period last year. EBITDA (earnings before interest, taxes, depreciation, and amortisation) loss for the quarter were £10.2 million.
Matalan, a UK-based leading out of town fashion and homeware retailer, reported sales decline to £75.3 million in its first quarter (Q1) FY21 ended on May 30, 2020 compared to sales of £273.5 million in same period last year. EBITDA (earnings before interest, taxes, depreciation, and amortisation) loss for the quarter were £10.2 million. #
“The results reflect the severity of the Covid-19 impact on our business this spring. The stores were closed throughout most of the first quarter as the UK endured lockdown in what has been without doubt the biggest challenge ever faced by the sector,” Jason Hargreaves, chief executive officer of Matalan, said in a press release. “The scale of revenue lost from our closed stores could not be offset by our smaller online channel which continued to trade throughout the quarter.”
Matalan, a UK-based leading out of town fashion and homeware retailer, reported sales decline to £75.3 million in its first quarter (Q1) FY21 ended on May 30, 2020 compared to sales of £273.5 million in same period last year. EBITDA (earnings before interest, taxes, depreciation, and amortisation) loss for the quarter were £10.2 million. #
“We used the lockdown period to adapt our stores, implementing social distancing protocols ahead of a phased re-opening commencing on May 18. Our estate of predominantly large and out of town stores performed strongly upon re-opening as customers responded well. They recognise that we offer a very convenient, comfortable and safe shopping environment, but it’s still early days in the recovery period,” Hargreaves said.
Matalan, a UK-based leading out of town fashion and homeware retailer, reported sales decline to £75.3 million in its first quarter (Q1) FY21 ended on May 30, 2020 compared to sales of £273.5 million in same period last year. EBITDA (earnings before interest, taxes, depreciation, and amortisation) loss for the quarter were £10.2 million. #
Matalan’s closing cash for Q1 FY21 were £40.9 million (Q1 FY20: £71.2 million).
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