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Wednesday 02 November 2011 8:53 pm|Updated:Friday 31 May 2019 12:18 amMatalan rating downgraded by agency Standard Poorrsquo By: KCS-contentShareFacebookShare on FacebookXShare on TwitterLinkedInShare on LinkedInWhatsAppShare on WhatsAppEmailShare on EmailSTANDARD Poorrsquo downgraded Matalanrsquo credit rating yesterday, in a further blow to the bud <a href=https://www.owalas.ca>owala canada</a> get retailer after it reported a slump in <a href=https://www.adidasoriginal.de>adidas originals ultraboost</a> second-quarter profits last month.The credit agency, which also cut the rating on its pound;225m debt to junk, said the group had been hit by low consumer confidence, relatively high unemployment, and inflation, reducing its customersrsquo; discretionary spending.The budget clothing and homewares retailer reported a profit slump of 63 per cent last month to pound;13.6m for its second quarter, bla <a href=https://www.nike-dunk.es>dunk panda</a> ming tough economic conditions.The Skelmersdale-based group, which has 212 stores in Britain, insisted that while pressure on disposable incomes and low consumer confidence was unlikely to change in the near future, it continued to be a cash generative business.Matalan has pound;75.1m of cash on its balance sheet and continues to be a profitable, cash generative and robust business with growth opportunities, a spokesman for the retailer said.Share this articleFacebookXLinkedInWhatsAppEmailSimilarly tagged content: SectionsNewsCategoriesBusinessRelated TopicsNULLTrending ArticlesAnthropic: UK staff get eye-watering sum Rlqr Soomaaliya oo ka Jawaabtay Baaritaan eedeyn Musqmaasuq
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