SUIT specialist Moss Bros said yesterday it expected to post a full-year profit ahead of market expectations after a surge in sales over the Christmas period.
The firm, which sells and hires out formal clothing, said sales at stores open over a year jumped 12.9 per cent ahead of the same period a year ago for the five weeks to 11 January.
“The improved sales performance and continued strong cost management and rigorous clearance of stock, means that we will finish 2013-14 ahead of market expectations,” the firm’s chief executive Brian Brick said in a statement.
The group also said it would pursue an accelerated dividend policy in order to reduce its net cash position from an expected £28m at the year end to £15m over the medium term.
Meanwhile, top end fashion retailer Karen Millen said sales in the Christmas period rose nine per cent on a like-for-like basis versus the same period last year. UK, Ireland and online sales rose by 12 per cent.
City A.M. Reporter