Summary
Discount clothing retailer Matalan said it had a disappointing festive season which saw likefor-like sales down five per cent. The group, which warned last month that annual pre-tax profits would fall 'materially short of market expectations', said it experienced difficult trading conditions in the run-up to Christmas, and began discounting before the holiday.
Total sales in the five weeks to January 10 rose 5.5 per cent against 15.6 per cent last year, while the five per cent fall in like-for-likes contrasted with a rise of one per cent previously.See the full content of this document
Extract
Festive Cheer Is in Short Supply
The group said that despite an earlier and heavier level of price- cutting th...
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