Matalan defies High Street slump to buck the trend

Fashion retailer Matalan today bucked the trend of weakness on the High Street and posted a sales jump, helped by offering fewer price cuts.

The 227-stores chain, said its “full-priced” sales mix “increased significantly” in the 13 weeks to August 26. That contrasts with reports that a number of rivals are offering deep discounts in anticipation of a difficult Christmas trading season.

Matalan saw total revenues increase to £259.9 million from £245.5 million a year earlier. It also benefited from online growth. Profits rose to £22.7 million from £15.4 million.

Chief executive Jason Hargreaves, whose family owns the business, said: “As we enter the second half of the year we are pleased with how the business is progressing and have seen a good early reaction to the autumn ranges.”

He added: "Our focus remains on delivering outstanding product and value whilst improving the journey for customers. We believe this will position us well in what continues to be a challenging retail environment.”