Moss improves retail sales with like-for-like uplift of 2.2%
Men’s formalwear retailer Moss Bros has reported that like-for-like retail sales rose by 2.2% in the 15 weeks to 11 May.
In a trading statement issued in advance of its AGM today, Moss said the retail performance was driven by a strong uplift in online sales as well as “positive momentum” in its high street stores.
However, like-for-like sales at its hire business on a 'cash taken' basis were 15.6% lower than in the corresponding period last year.
The results mean that like-for-like sales across the business were down 0.2% overall, although total sales increased by 1.5%.
Brian Brick, Moss chief executive, said: "We are making progress on last year, having recovered from the stock issues and improved our supply chain. Retail and ecommerce sales have shown further improvement against this backdrop. Although Hire continues to disappoint, it is clear this is reflecting a switch from Hire to retail with the new Tailor Me range."
The company currently trades from 127 stores and is about to enter its peak trading period which includes the wedding season, proms and Ascot.
Looking ahead, Moss said it remains on track to meet market expectations for its full year.
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