Skip navigation

Gloucestershire Business News

Covid-19 hits Matalan hard

Discount fashion and homewares retailer Matalan saw sales plunge by over 70 per cent, as a result of the coronavirus crisis.

Revenue at the retailer, which has a store in Gloucester, fell by 72 per cent to to £75.3 million for the 13 weeks to 30th May, compared with the same period last year, as reported by Retail Gazette.

Matalan stores were closed for most of the first quarter and lost revenue couldn't be offset by its online channel.

This resulted in a loss of £10.2 million for the quarter, compared with a profit of £50.4 million for the same period in 2019.

The fashion and homewares retailer ended the quarter with cash of £40.9 million, compared with £71.2 million the previous year.

Matalan said it took immediate action to preserve cash, manage working capital and reduce costs and also accessed all available government support, in response to the pandemic.

The retailer said its large and out-of-town stores have been performing well since it began reopening them when lockdown restrictions eased.

Picture credit: Imagery ©2018 Google maps, Map data ©2018 Google

Related Articles

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Tuesday, May 11 Image

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Tuesday, May 11

The latest important news and updates from across Gloucestershire as the coronavirus crisis continues.

BREAKING: Police cafe search could be linked to Fred West Image

BREAKING: Police cafe search could be linked to Fred West

Police are searching a cafe in Gloucester after what they say could be a "significant development" in the search for Mary Bastholm, who went missing in 1968.

BAE Systems awarded £54million contract Image

BAE Systems awarded £54million contract

BAE Systems has been given a £54m ($76m) contract modification to produce additional Vertical Launch System (VLS) canisters for the U.S. Navy.

Cineworld at Gloucester Quays and Cheltenham's Brewery Quarter reveal re-opening dates Image

Cineworld at Gloucester Quays and Cheltenham's Brewery Quarter reveal re-opening dates

After PM Boris Johnson confirmed the further relaxation of lockdown yesterday, Cineworld Cinemas has announced the re-opening date for its sites in England.

Copyright 2021 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.