sales rise for the first time in two years. Total sales gained 2.2 percent in the eight weeks ended 26 August. Like for like sales grew 1.3 percent, up from a slide of 3.1 percent during the same period last year. New space increased 3.2 percent. Gross margins gained 0.2 percent, lifting margins for the year to date to 0.8 percent. The company said payment term improvements were expected to benefit working capital cash flow by at least £25 million by the end of the financial year. Action has also been taken to tighten stockholding levels by £20 million, which will optimise working capital requirements by year’s end. Eighteen stores have been refurbished in the year to date, with initial sales up 9.3 percent. A further 12 refurbishments are in the pipeline for the remainder of the fiscal year. To combat the pressures of fixed costs such as rent and utilities, Matalan has lowered its inventory levels, thereby reducing markdown and handling costs. Chief executive John King said, “I am encouraged that, given tough trading conditions, we continue to grow our core clothing business whilst maintaining our focus on driving improved cash flow and business efficiencies.”
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