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Wednesday, 9 May, 2001, 06:42 GMT 07:42 UK
Matalan posts record profits
Matalan summer collection clothes
The departure of the chief executive was not popular with investors
Matalan, the discount retailer, has reported record annual profits of 82.9m, up 53% from the year before.

The results came less than two weeks after the company's board forced Angus Monro out of his position as chief executive.

Matalan's chief executive and acting chief executive, John Hargreaves, said the results had been "delivered by providing our members with outstanding value for money and through continued store expansion".

He said sales were up 47.4% in the first 10 weeks of the current financial year while like-for-like sales in the same period were 13.5% improved.

For the whole year, like-for-like sales were up 22%.

Mr Hargreaves said the chain expected "substantial" sales growth for the current year.

Forced out

Mr Monro had been forced out after he announced that he wanted to step down in two to three years.

Matalan's board felt this to be incompatible with its wishes for developing the company's strategy.

Mr Hargreaves, who founded the company, has since taken on the chief executive role.

On Wednesday, he said: "I am confident that Matalan will build on its success to date and will continue to deliver superior returns to shareholders."

Matalan has built a strong position in UK clothes retailing, taking market share from mid-market operators such as Marks & Spencer and finding popularity with investors.

But the departure of Mr Monro wiped 350m off the company's value.

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See also:

27 Apr 01 | Business
Matalan boss forced to resign
11 Jan 01 | Business
Matalan leads retail share plunge
01 Nov 00 | Business
Matalan profits surge
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