Matalan enjoys a boost in turnover but warns of a tougher year ahead January 17, 2012 MATALAN has warned of tough trading to come as consumers continue to feel the pinch, despite the firm posting a rise in like-for-like sales and delivering its best sales week since 2005. The out-of-town fashion and homeware retailer said like-for-like sales increased by 9.9 per cent in the five weeks to 31 December, up from [...]
Matalan rating downgraded by agency Standard & Poor’s November 2, 2011 STANDARD & Poor’s downgraded Matalan’s credit rating yesterday, in a further blow to the budget retailer after it reported a slump in second-quarter profits last month. The credit agency, which also cut the rating on its £225m debt to “junk”, said the group had been hit by “low consumer confidence, relatively high unemployment, and inflation, [...]
Matalan warns of tough times ahead October 18, 2011 RETAILER Matalan said yesterday it remained cautious on its outlook after reported a 63 per cent fall in earnings for the second quarter. Ebitda – Earnings before interest, taxes, depreciation – plunged to £13.6m in the 13 weeks to 17 August. Matalan blamed the tough climate, promotional activity and higher input costs. Total revenue dropped [...]
High Street boosts discounts September 25, 2011 HIGH street retailers stepped up the battle to win over cash-strapped shoppers this weekend by slashing prices and launching promotions, days after Britain’s supermarkets announced fresh price cutting campaigns. Top fashion retailers including Next and Gap launched a two day “flash sale” over the weekend, with items discounted at 50 and 30 per cent respectively [...]
Matalan posts slump in growth after refinancing July 5, 2011 FASHION retailer Matalan saw profits slump 11 per cent in the year to February while revenues fell 0.7 per cent, its accounts showed yesterday. Privately-owned Matalan said gross profit fell to £186.3m from £209.8m over the past year despite it slashing its costs by 20 per cent to £65.8m, its full accounts filed at Companies [...]
New private university in £10m placing June 5, 2011 SOME of Britain’s most celebrated academics have secured almost £10m in a private placement to launch a for-profit university that will charge £18,000 a year in tuition fees. AC Grayling, the famous philosopher, will become Master of the Bloomsbury-based New College of Humanities, which will offer degrees in English, history, philosophy, economics and law. He [...]
Goldman Sachs tops high yield bond league April 18, 2011 GOLDMAN Sachs has moved to top place for the first time since 2002 in the table for issuance of high yield bonds. The US investment bank has displaced Deutsche Bank – perhaps only temporarily because these positions have a habit of changing quickly – after completing a deal for the leisure group GEO. Goldman’s other [...]
Matalan profit up June 25, 2010 Budget fashion retailer Matalan has seen a profit rise. The retailer made profits of £186m in the year to February – £41m up on the previous 12 months. Founder John Hargreaves shelved a plan to float the company earlier this year. Matalan trades from 205 UK stores with three more overseas.
New Look profit rises – but silence on IPO June 2, 2010 BUDGET fashion retailer New Look posted a 17.7 per cent rise in annual profit but has remained silent about its ambitions for a stock market return after postponing its flotation in February. The chain, which blamed volatile financial markets for derailing an expected £1.7-£2bn listing, said higher taxes and unemployment, and a weaker pound, would [...]
Asda takes over Netto in £778m deal May 27, 2010 ASDA has bought the Netto supermarket chain in the UK for £778m. Netto has 193 stores, which will be converted to small Asda stores by next Summer, if regulators give the deal the go-ahead. Asda plans to employ up to twice as many staff in each of the stores it has acquired. It sees the [...]