AGM Statement
June 04 2003 - 3:01AM
UK Regulatory
RNS Number:8902L
Matalan PLC
04 June 2003
Embargoed until 7.00am Wednesday, 4th June 2003
MATALAN PLC
("Matalan")
AGM TRADING STATEMENT
John Hargreaves, Chairman of Matalan PLC, speaking at the Annual General Meeting
of shareholders to be held at 10.30 am today, will make the following comments:
"As stated at the preliminary results announcement, I would like to use today's
meeting to update shareholders on current trading.
Retail sales for the 13-week period to the 31st May 2003 were #241.3m
representing an overall growth of 6.2% (2002: 17.3%) with a like for like
decline of 7.5% (2002: uplift 3.7%). Gross margins across the period have
increased by 80 basis points and costs continue to be tightly controlled.
Despite an encouraging start to the season in February and March, sales of the
spring / summer ranges have proved to be disappointing, compounded by the
reduction of option widths and reduced in-store stock densities. Actions have
been taken within the product areas to redress this for the autumn / winter
ranges.
New space growth is in line with plans, with 2 new stores and 1 resite being
opened since the start of the financial period. The total trading space now
stands at 4.6 million sq ft.
The systems conversion programme remains on track with the first distribution
centre having been successfully converted in May. The remaining two centres will
be converted in June / July, with merchandising and replenishment systems
scheduled for August / September.
Despite the poor start to the new financial period, the management remains
confident that the problems outlined above have been addressed in time for the
autumn / winter season."
A conference call for analysts will take place at 8.15am today. For details of
the call please call Josh Royston on 020 7067 0723 or 020 7067 0722.
Contact:
MATALAN
John King, Chief Executive 01695 552400
Phil Dutton, Finance Director 01695 552400
WEBER SHANDWICK SQUARE MILE
Chris Lynch / Josh Royston 020 7067 0722
This information is provided by RNS
The company news service from the London Stock Exchange
END
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