Matalan, a leading UK-based omni-channel fashion and homeware retailer, has reported a decline in revenue by 6 per cent on a like-for-like basis, reaching £1.082 billion (approximately $1.37 billion) in fiscal 2024 (FY24). This decrease was attributed to strategic decisions and challenging trading and market conditions. However, the company reported a positive shift in its sales mix, with full price sales increasing to 70 per cent, up 4 percentage points from the previous year due to tighter stock and markdown control.
Despite the drop in revenue, Matalan’s EBITDA saw a substantial year-on-year increase of 92 per cent, rising to £53 million. This impressive growth was driven by gross margin improvements, stringent cost controls, and the successful delivery of operational enhancements, the company said in a press release.