Moss Bros results in line with expectations
The company said that the Group's trading performance published in its Half Yearly Financial Report, remains in line with the Board's expectations and is on course to deliver the anticipated levels of growth.
Total Group revenue excluding VAT is up £65.6m (2009: £60.8m) up 7.9% with like- for- like sales up 11.6%.
There was a pre-tax loss of £3.3m, (2009: £3.0m), in line with expectations.
Current Trading has been encouraging, according to the report, with like-for-like sales in the first eight weeks of the second half of 2010 continuing to improve on 2009 and gross margins are slightly higher.
Commenting on the results and outlook, Brian Brick, Chief Executive Officer, said, “Whilst the economy has not materially picked up, the Group's sales in the first six months traded well ahead of last year and this trend has continued into the second half. In addition, we have made good progress on our strategic priorities of continuing to improve the calibre of store management, improving operational processes, reviewing the look and product mix of the core Moss stores and testing our innovative Moss Bespoke concept. Having made good progress on driving top line growth we are now turning our attention to costs and a comprehensive review of the cost base of the business is underway. This will help simplify the business operating model and provide resilience against potential impact of any reduction in consumer spending.
Whilst the early response to the Autumn/Winter range is positive, with like for like sales continuing to improve, we remain in a period with tough economic conditions and consumer uncertainty and with this in mind we are managing the business to reflect these conditions, ensuring we continue the momentum of the turnaround. We remain on track to meet the Board's expectations for the full year".
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