Moss Bros reports growth despite tough trading conditions
Menswear group Moss Bros has posted interim group sales growth of 4.3% today despite operating in a "highly competitive retail landscape".
The group achieved total group revenues of £66.6m in the six months to 29 July, a rise of 4.3%. Like for like retail sales were up 2.8% and while group like for likes were up 5.1% when online sales, which were up 14.5%, were included.
Sales at its hire business were down 8.4% and now represent 12.8% of total sales as customers prefer to purchase their own suits. Pre-tax profits were up 15.7% at £4.2m.
Chief executive Brian Brick said he was "pleased" with the results in what had been a tough trading environment in the first half. "The early response to the 2017 Autumn/Winter ranges has been encouraging and we continue to see our retail like-for-like sales improve," Brick said.
“We remain acutely aware that market conditions remain tough, with a highly competitive retail landscape set to continue alongside an unpredictable economic back-drop. There are significant cost headwinds, driven by National Living Wage, the Apprenticeship Levy and weaker sterling," he added.
The group has also announced that it intends to sell select lines via etailers ASOS and Amazon US in order to raise awareness of the brand internationally, Retail Week reports.