Moss Bros reports making 'strong' progress
Mens formalwear retailer Moss Bros has reported an uplift in both sales and profits in the year to 30 January 2016.
Group like-for-like sales rose by 8.2% to £119 million with like-for-like retail sales climbing by 7.6%.
Like-for-like hire sales, which represent 14% of sales, increased by 11.7%.
Meanwhile, underlying pre-tax profit before tax was £5.9 million compared to £4.8 million in the previous year.
Moss Bros said its full price offer had been underpinned by the strengthening of its brand identity from an increasing proportion of refitted stores and better defined master and sub brands. This, along with a stronger product offering, improved the level of full price sales and gross margins.
Brian Brick, Moss Bros chief executive, said: "The modernisation of the store portfolio, which is nearing completion, is achieving the anticipated returns and we have well developed plans for the implementation of our multi-channel shopping environment. We have added to the strength of the management team and we are well placed to take advantage of these opportunities to accelerate our growth.”
Looking at current trading, Moss Bros said group like-for-like sales including VAT were up 5.2% in the first nine weeks of the new financial year with growth seen across in-store retail, e-commerce and hire.
Tailor Me, the company’s more accessible bespoke offer, has now been launched and will be rolled out across all stores by September 2016
Brick added: “The early response to the 2016 Spring/Summer retail range has been positive and retail like-for-like* sales and gross margins are continuing to improve year on year. The broadening of our Hire offer to include lounge suits is underpinning a positive start to the 2016 hire season.”
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