Matalan lowers profit forecast

 
Marion Dakers
THE LATE summer heatwave has kept sales of Matalan’s new autumn range under wraps, prompting the discount fashion retailer to trim its full-year earnings forecasts.

Matalan made £283.5m in revenues in the 14 weeks to the end of August, up from £269.2m in the previous year.

But the group said it now expects to make between £90m and £95m in earnings before interest, tax, depreciation and amortisation in the full financial year, down from the £100m it generated last year.

“[T]he lateness of the summer heat-wave and Indian summer throughout September has tempered the start to autumn trading, the impact of which has now been fully reflected in our revised guidance for the year,” said boss Jason Hargreaves.