Matalan has invested £35m into lowering prices on more than 700 products as the cost-of-living crisis rages on.
The clothing and homewares retailer has slashed the cost of selected items across all core categories including womenswear, menswear, kidswear and homewares, both online and in store by an average of 15%, with some products reduced as much as 25%.
Matalan said the business was able to unlock the price cuts through a more collaborative buying and sourcing strategy and by passing on reduced input costs as inflation falls.
Chief executive Jo Whitfield said: “The start of the year is always a tough time financially and this year, given how difficult 2023 was for so many families, it’ll be harder than ever.
“So, for 2024 we want to start the year off differently. We’ve unlocked efficiencies at a time when inflation and input costs are starting to fall, enabling us to pass these savings on directly to our customers – bringing down the prices of new and existing lines of everyday essentials and favourites across all our key categories.
“It’s all part of our mission to build a stronger, more modern Matalan that brings families a better choice of quality clothes and homewares at great prices.”
The price cuts are the latest initiative under Whitfield, who took the helm last March, as she looks to drive efficiencies across the business and improve its retail offer.
The retailer bolstered its online range last month by adding 10 new third-party fashion brands to its website including Quiz, Yumi and Vanilla with more planned for later this year.
It comes as Matalan saw its second quarter to 26 August EBITDA skyrocket 30% to £47.9m, which it attributed to a tight control of markdowns and effective cost management.
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