Matalan, the clothing retailer from the UK, has seen its holding firm Missouri Topco’s Q2 operating profit stand strongly at £35 million, as revenues jumped by 2.5 per cent to post £264.7 million.
Notably, the same was £258 million in the second quarter last year.
The profit after tax and exceptional items for the second quarter was £11.6 million, while in the same period of 2020, Matalan had a registered a loss of £22.7 million.
Matalan made an operating profit of £50.1 million, compared with a loss of £36.1 million in the second quarter of last year.
The retailer said that despite the footfall getting affected during the summer, customers’ desire for new clothing remained robust. So, it wasn’t surprising to see its full-price sales rise year-on-year to 25 per cent.
However, the retailer has, reportedly, warned that the profits may get hit in the coming months – owing to ongoing supply chain issues that are also adding extra costs to the process.
Founded in 1985, Matalan generated revenue of £1.1 billion in 2019.
Also Read: Revenue at Matalan falls by 11% in 5 weeks to 2 January; jump in online sales
