Matalan has seen a huge 570% surge in profits in its second quarterly report, despite it experiencing a dip in sales.
The retailer raked in £15.4 million in EBITDA profit for the 13 weeks to August 27th, an enormous jump from the £2.3 million recorded this time last year.
However, sales stood at £245.5 million, 6% lower than last year.
Despite this, the retailer said full-price sales at the business increased 3.9% in comparison with the same period last year.
Looking back at the full half-year period, Matalan recorded revenues of £495.6 million, down by 4% on the same period a year earlier.
Meanwhile, EBITDA jumped by 115% to £31.6 million over the same timeframe and pre-tax losses narrowed by 89% to £2.5 million.
Managing director of Matalan, Jason Hargreaves, said the retailer had made “solid progress” over the last quarter.
"Our approach in planning the season was an emphasis on greater coordination, improved availability and full-price sales conversion,” he said.
“This served our customers well, and we delivered an effective exit from the summer ranges in July.
“We remain measured and cautious in our outlook, focused on continuing to progress our proposition.”
