MOSS Bros posted an 8.3 per cent rise in like-for-like sales for the first 18 weeks of the second half as the British menswear retailer’s improved product offering drew in more shoppers.
The company, which has 150 retail outlets worldwide, said total sales for the 44-week period to 4 December were up 8.9 per cent from last year and that it was confident about its outlook for the full-year.
However, with the economy continuing to be fragile, the company said full-year trading would depend on the important Christmas period.
Analyst Philip Dorgan of Altium Securities said the combination of product improvement and cost reduction meant that Moss Bros could begin the climb back to profit.
The company had reported a wider loss of £3.3m for the February to July period. Moss Bros shares, which have shed nine per cent of their value since the company reported first-half results, rose 6.3 per cent at 24.72p.
Moss Bros chief executive Brian Brick said: “Whilst the economy continues to be fragile, the group’s sales have traded well ahead of last year and this trend has continued so far throughout the second half, although the out turn for the full-year depends on trading during the important Christmas period.
“In addition, we have continued to make good progress on our strategic priorities of improving 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, which we will begin to roll out.” He added that the company is set to enter its key trading period in the best shape it has been in “for some time”.
City A.M. Reporter