For the year to 25 February 2023, Matalan posted a 12.1% increase in sales to £1.15 billion, driven by price increases. However, EBITDA fell 37.2% to £124.1 million, and operating profit before exceptionals spiralled almost 80% to £18.7 million. The retailer was acquired by a group of investors at the end of January 2023.

Matalan has since focused on becoming the “first choice of value” for families, through building stronger product assortment, improving the ease of shopping, and enhancing value.