Fashion and homewares retail chain Matalan has reported a decline in sales although losses narrowed.

According to its latest filed accounts for the year ended 24 February 2024, total sales fell 9% to £1bn from £1.1bn in 2023.

Pre-tax losses resulted at £48.2m, narrowing from a loss of £103.4m recorded the previous year.

Stated within its report, the company said: “Against the backdrop of a challenging economic environment, the year-on-year decline in sales was a direct result of subdued consumer spending driving an increase in market competition.

“Whilst store performance was relatively resilient, online sales (which stood at £1.6m, down from £3.8m) saw a market stepped back, as increased online competition and the rapid rise of new disruptor companies put significant pressure on the company’s online share.”