RETAIL UPDATE: Matalan sales show steady rise

Retailer posts three per cent rise in like-for-like sales over the 13-week period ending May 29th 2010.
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Sales for the period also grew 4.4 per cent in the first quarter to £277.4 million. Operating profit was reported as up 2.5 per cent to £32.6 million.

During the quarter the retailer completed a £525 million refinancing package which saw founder John Hargreaves awarded a £250 million dividend.

Alistair McGeorge, CEO of Matalan, said: "The group has again delivered a satisfactory performance in the first quarter against a backdrop of strong growth in Q1 last year and a fiercely competitive market. Our new store opening programme continues to progress on plan.”

Three new Matalan stores have opened in Q1 with six further stores scheduled to open in the next financial year.

A Matalan statement described the company as cautiously optimistic despite industry worries over the economy and rising VAT and predicted that it will continue to post growth in forthcoming financial statements.


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