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02/05/2002
Fashion retailer Matalan reports rising profits
Discount fashion company Matalan has reported soaring profits, thanks to a successful programme of store expansion and 1 45% rise in turnover.
Pre-tax profits rose by 30% to stand at £107.6 million for the year up to March 2002, with sales activity in its existing stores up by 7.2%.
Responding to the figures, Matalan Chairman John Hargreaves, said that the "record results" had been produced through providing customers with value for money, in tandem with a continued emphasis on expanding its network of outlets. He went on to reveal plans for the creation of a further 20 new Matalan outlets, and the expansion of ten existing stores.
"By strengthening our management team and through further stores and product development, supported by a clear marketing message, I am confident the business will continue to prosper over the 53 week period ending March 1 2003," he added.
In April, Matalan acquired up-market knitwear firm Wolsey, which the company said would complement the retailer's two existing brands, Lee Cooper and Falmer.
The company also plans a promotional blitz across the UK in order to raise awareness of the firm's selling points.
(CL)
Pre-tax profits rose by 30% to stand at £107.6 million for the year up to March 2002, with sales activity in its existing stores up by 7.2%.
Responding to the figures, Matalan Chairman John Hargreaves, said that the "record results" had been produced through providing customers with value for money, in tandem with a continued emphasis on expanding its network of outlets. He went on to reveal plans for the creation of a further 20 new Matalan outlets, and the expansion of ten existing stores.
"By strengthening our management team and through further stores and product development, supported by a clear marketing message, I am confident the business will continue to prosper over the 53 week period ending March 1 2003," he added.
In April, Matalan acquired up-market knitwear firm Wolsey, which the company said would complement the retailer's two existing brands, Lee Cooper and Falmer.
The company also plans a promotional blitz across the UK in order to raise awareness of the firm's selling points.
(CL)
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
