Moss Bros raises profits outlook after strong Christmas trading

 
City A.M. Reporter
MENSWEAR retailer Moss Bros Group said yesterday it expected full-year results to exceed market expectations, helped by sales during the Christmas period.

The company said like-for-like sales during the 24 weeks to 12 January rose 2.7 per cent.

The suit specialist, which sells and hires out clothing through its Moss Bros Hire, Moss Bespoke, Moss Bros and Savoy Taylors Guild brands, said close control over discounting and cost-control measures would also help it exceed market expectations for the year ending 28 January.

“We remain conscious of the fragile trading environment, but continue to rigorously implement our strategic plan to turnaround and grow the business,” said chief executive Brian Brick.

Shares in the company closed up almost seven per cent at 71.26p yesterday.

Moss Bros, which was set up in 1851, will report its full-year results on 22 March.

The company is expected to launch a web sales platform soon, incorporating the retail and bespoke businesses, as well as processing hire orders online.