“Severity of Covid-19” knocks Matalan revenue by 72%
Matalan has seen sales drop by 72% to £75.3 million in the first 13 weeks to 30 May. The retailer announced EBITDA losses of £10.2 million in the quarter in comparison with £50.4 million profits in the same period last year.
Matalan chief executive Jason Hargreaves said that the results reflected the severity of the situation caused by COVID-19. With stores closed for much of the quarter, the retailer undertook measures to manage capital and reduce costs to help them through the lockdown and into a period of recovery. The company also announced that its large and out-of-town stores had performed well since reopening.