Matalan, the British clothing retailer, has seen its revenue slump by 11 per cent to clock £119.2 million in the 5 weeks to 2 January 2021.
The fall wasn’t surprising considering the retailer shut down 62 of its stores in December and another 30 just before Christmas. It’s been a tough holiday season as well for the retailer.
However, its e-commerce sales saw a surge of 84 per cent for the aforementioned period.
Matalan also released its financial results for 13 weeks ended 28 November 2020, which also saw its revenue dip by 24.5 per cent year-on-year (Y-o-Y) to touch £244.8 million.
Notably, EBITDA for the 13 weeks was £54.1 million.
The period also saw Matalan’s closing cash shoot up by as much as 76.5 per cent Y-o-Y to record £184.9 million.
With restrictions tightened all over the UK since the start of 2021, the retailer is now cautious about the 3 months ahead and is working closely with its main stakeholders to manage its business accordingly.
Founded in 1985, Matalan generated revenue of £1.1 billion in 2019.