The fashion retailer said EBITDA fell 28.5% year-on-year to £16.3m in the 14 weeks to August 31. On a post-IFRS 16 basis, EBITDA was £42.8m.

Matalan raked in sales of £292m during the period, up 11.3% year-on-year.

However, higher levels of discounting required to sell excess stock meant that sales growth did not feed through into the bottom line.