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Article: Consumer spending slowdown hits Matalan as sales slide 7.5 per cent
- Article from:
- The Scotsman
- Article date:
- July 8, 2005
- Author:
CopyrightCopyright 2005 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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MATALAN became the latest victim of the gloom descending on the
high street, after reporting a 7.5 per cent slide in like-for-like
sales during the first four months of the year.
Chief executive John King reported that overall sales at Matalan
had fallen by 2.6 per cent during the 18 weeks to the beginning of
this month, and called on the Bank of England to cut the cost of
borrowing to provide a confidence boost to nervous British consumers.
King said: "It would give people of bit of confidence on what
their levels of income are going to be. A reduction in rates and
stability in people's mortgage payments would give them a bit of
confidence."
He reiterated that Matalan's priority this year ...