Washout: Sales push north but Matalan forced to act on prices amid wet weather

Value high street brand Matalan saw sales increase in the first quarter, but said it had been forced to discount stock earlier than planned amid disappointing weather. The firm reported revenue growth of 2.9 per cent to £273.5 million for the 13 weeks to 25 May, up from £265.9m in the same period of 2018. Sales grew both in store and online, with the latter up almost 30 per cent. Underlying profits were flat on this time last year at £25m, though this was recorded using the firm’s previous accounting standards. Under the new measure, earnings were £50.4m.