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Moss Bros grows full year profit and sales

Men’s formalwear retailer Moss Bros has grown both its sales and profits in the year to 25 January 2014 after seeing a strong performance at its retail business.

GENERAL MERCHANDISE

Moss Bros grows full year profit and sales

Men’s formalwear retailer Moss Bros has grown both its sales and profits in the year to 25 January 2014 after seeing a strong performance at its retail business.

While pre-tax profit rose to £4.4 million from £3.1 million in the previous year, group like-for-like sales increased by 4.2% to £122.2 million.

EBITDA climbed 16.5% to £9.2 million driven by improved sales and tight cost control.

The group’s retail business saw strong growth in the year with like-for-like sales rising by 6.4%. However, its hire business fared less well with like-for-like sales dropping by 6.4% after a difficult wedding season in 2013.

During the year, the group decided to adopt Moss Bros as its master brand and plans to realign its sub-brands in autumn 2014. It also refitted 13 stores which are performing to expectations.

Online sales surged by 208.6% and now account for 5.1% of total sales.

Moss Bros said the new financial year had started well with sales in the first eight weeks rising by 7.3%. Like-for-like gross profit in the eight weeks to 22 March 2014 increased by 6.4% on the equivalent period last year.

The group added that early season bookings for its hire business in 2014 had stabilised after a difficult 2013 and that March had seen an upturn in bookings compared to last year.

Moss Bros chief executive Brian Brick said: "We enter the new financial year with a strong balance sheet and a commitment to a significantly increased dividend. The ongoing cash generation of the business will support the continued investment in store refits and develop our multi-channel capability. 2014 will see an increase in marketing to support the opportunities identified in the findings of the customer insight project, conducted in 2013." 

He added: "The business is on track to achieve market expectations in 2014/15."

 

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