Men’s fashion retailer Moss Bros has reported a 2.7 per cent increase in like-for-like (LFL) sales in its half year trading update, issued today.
LFLs were up 2.7 per cent year-on-year in the 24 weeks to January 12th 2013, leading the retailer to predict that profits for the full year will exceed market expectations.
In the same period, LFL cash gross profit increased by 9.5 per cent year-on-year.
Moss Bros’ has kept cost control tight throughout the half year and this, coupled with careful management of discounting over Christmas, means that profits for the 2012/13 financial year should be above market expectations.
Commenting on the results, Brian Brick, Moss Bros CEO, said: “We are encouraged by trading throughout the business over the key Christmas trading period.
“We remain conscious of the fragile trading environment but continue to rigorously implement our strategic plan to turn around and grow the business.”