Matalan profits plunge 44%

// Matalan EBITDA drops 44% and sales down 3.9% in 13 weeks ending August 29
// It attributed the drop to heavy discounting to clear spring stock accumulated over lockdownProfits at value retailer Matalan have taken a hit after it carried out heavy discounting in a bid to clear spring stock following the nationwide lockdown period.
In the 13 weeks ending August 29, the high street chain saw EBITDA plunge by 44 per cent year-on-year to £28.5 million.
Meanwhile, total sales for the same peri