Moss Bros like-for-like sales climb by 7.4%
Moss Bros saw its like-for-like sales climb by 7.4% in the 15 weeks to 16 May as the mens formalwear retailer benefited from improved retail sales and margins.
Like-for-like retail sales, including e-commerce, rose by 7.6% in the period while like-for-like hire sales grew by 6.4%. Total sales also increased by 6.4%.
Brian Brick, Moss Bros chief executive, said: "We are pleased with our progress. Retail sales and margins have continued to improve, boosted by the increasing contribution from refitted stores and the lower levels of residual stock. Hire sales continue to show the improvement seen earlier in the season and are showing good growth on the prior year."
Online sales climbed by 64.9% year-on-year, supported by the ongoing development of the retail and hire websites. Total e-commerce sales accounted for 10% of total sales in the period compared with 6.5% for the same time last year. Meanwhile, the Moss Bros mobile site accounted for 17% of retail e-commerce sales, up from 9% in the prior year.
Brick added: “E-commerce sales in the first 15 weeks of the year continue to grow, reflecting our continuing investment in systems and infrastructure. This is another good period of progress for Moss Bros and we continue to remain confident about our medium term growth prospects."
Moss Bros has accelerated its store refit programme in 2015 with a further 11 stores refitted this year. This has brought the total number of stores trading in the new format to 69 out of a total of 128.
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