Matalan sales top £1 billion
By Sarah Wood | 24th June 2022
Sales at discount fashion retailer Matalan passed the £1bn mark in the last financial year.
The retailer, which has stores in Gloucester and Cheltenham, posted a revenue of just over £1bn for the 12 months to February 26, up from £744.1m in the previous 12 months, as reported by Retail Gazette.
Pre-tax losses plummeted to just £7.7 million from £131.5 million a year earlier.
The figures cover a period of store closures during the third lockdown at the start of 2021.
Despite its successful year, Matalan cut around 700 jobs - going from an employee count of 11,558 to 10,837 during the year.
Matalan's upward trend is continuing into the current year, with sales for the first quarter up to £286.5 million from £221.8 million last year.
Matalan said turnover for its online business has grown by more than 50 per cent since the start of the pandemic and is confident it has the potential to grow further.
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