Sales at discount fashion retailer Matalan have continued to surge despite the turmoil of the past three months, the group showed today.
The company, which announced the resignation of chief executive Angus Monro in April, said it was continuing to snatch market share from its rivals.
Like-for-like sales in the nine weeks to July 7 were up 9.7%, below previous soaring growth figures but at the top end of forecasts given by the chain.
Chairman John Hargreaves said the performance was “particularly strong” given that Matalan’s mid-season sale started before the nine-week period began.
He added: “All departments continue to contribute to Matalan’s growth and our new summer ranges have been well received.”
Industry tracking data also showed Matalan’s market share had increased from 2% to 2.7%, he said.
Mr Hargreaves added the chief executive role to his responsibilities in April after the departure of Mr Monro, who had been regarded as the driver of the retailer’s rapid growth since it floated in 1998.
But amid rumours of a boardroom row, Matalan indicated Mr Monro was not committed to the company for the longer term.
Today, Mr Hargreaves said the search for a replacement was continuing and that he hoped to have someone appointed by the end of the summer.
Matalan, which is based in Skelmersdale, West Lancashire, will provide an overview of the trading performance to shareholders at its annual general meeting later today.
EGi News 13/07/01
