Matalan profits fall by 63 per cent after 'difficult month'
Wednesday 19 October 2011
Profits tumbled at Matalan in its second quarter and the discount fashion chain does not expect trading conditions to improve in the short term. Matalan said trading was hit by a "difficult month" in June when rivals started discounting earlier.
The 212-store retailer's underlying profits fell by 63 per cent to £13.6m in the 13 weeks to 27 August, on revenue down by 1.7 per cent to £258.5m. Darren Blackhurst, Matalan's chief executive, said: "The challenging conditions faced in the first quarter continued into the second quarter. While we do not expect these conditions will change in the near future, Matalan continues to be a profitable, cash generative and robust business with growth opportunities."
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