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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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