Moss Bros makes good second half progress
Men’s formalwear retailer Moss has posted a 6.1% increase in like-for-like sales in the first 23 weeks of its second half.
Total sales for the 23 weeks to 7 January were 7.6% ahead of last year.
Retail sales were up 6.8% on a like-for-like basis as the company benefited from improved ‘back-end’ systems online which enabled it to drive top line sales. Ecommerce sales comprised over 11% of group revenue during the period.
Hire sales edged up 0.7% although the category declined as a proportion of total sales. Eveningwear was the main driver of hire sales volume in the period.
Moss has opened seven new stores and closed three in its financial year to date. The total estate now comprises 128 outlets.
In a statement, the company said the year ahead looks set to be “challenging” due to factors such as the uncertain consumer environment, wider political backdrop, higher costs and a weaker pound.
Brian Brick, Moss chief executive, said: “We are very pleased with the performance of the business. Ongoing investment in new and refitted stores, alongside improved omnichannel capabilities have enabled us to continue the progress we made in the first half of the year.
“A more co-ordinated approach to our programme of offers and promotions, along with the ongoing development of our own label product ranges has driven continued margin improvements across all channels during the 23 weeks under review.
“The board remains very confident in the outlook for the full year.”
