Moss Bros profits surge by 20.3%
Men’s formalwear retailer Moss Bros has reported a strong uplift in full year pre-tax profit as it continues to invest in improving its stores.
In the 52 weeks to 28 January, pre-tax profit rose by 20.3% to £7.1 million while group revenue increased by 5.7% to £127.9 million.
The company said operational improvements across the business and its ongoing investment in store refits helped like-for-like retail sales to grow by 6% in the period. Like-for- like sales in its hire business rose by 1.5%.
Brian Brick, Moss chief executive, said: “We are very pleased with the performance of Moss Bros, as we made good progress towards the achievement of our strategic goals. The modernisation of the store portfolio is nearing completion and continues to achieve anticipated returns.
“We have made a good start to the implementation of our omnichannel shopping proposition and will ensure that the appropriate investments are made in both our systems and our people during 2017 and beyond, to leverage the benefits of this important area.”
Giving an update on current trading, Moss Bros said retail like-for-like sales, including VAT, were up 4.3% in the first seven weeks of the new financial year.
However, this year's later fall of Easter, which marks the start of the wedding season, has temporarily delayed some hire order collections and revenues by three weeks.
Brick added: “The early response to the 2017 spring/summer retail range has been positive and retail like-for-like sales are continuing to improve.
“The group’s trading performance continues in line with the board's expectations."
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