Matalan records revenue increases but sees workforce reduction

Based on the results for the year to February 2022, the discount retailer also reduced its pre-tax losses, going down from £131.5m to £7.7m. Exceptional items also fell from £12.9m in the previous year to £2.9m. 

It did, however, shed 721 of its staff over the course of the year, ending 2021/22 with a workforce of 10,837. 

The pandemic heavily impacted the business, which led to store closures and a huge fall in trading. Additionally, it said it incurred significant levels of discounting over the course of the year due to the need to liquidate the old stock accumulated from store closures in 2021 and 2022. 

Commenting on the results, the firm’s executive chairman Steve Johnson said the spring 2022 market remained volatile, hampered by widespread inbound supply disruption and weak consumer sentiment. 

He added: “Against that backdrop we remain well positioned, offering outstanding value to our customers, which has shown through in our sales performance. 

“Particularly pleasing has been the positive response to the new in-house developed brands launched in March 2022, Et Vous and Be Beau within womenswear. With fantastic prints, great designs, and ensuring that we continue to offer the excellent value we are famous for, they have performed extremely well, both online and in stores. 

“Such strong customer reactions give us the confidence that as our stock-flow continues to normalise in the months ahead, we are well placed to capitalise on our market positioning in supporting our customers through these challenging times.”