Suit maker Moss Bros Group said this morning that it‘s on track in the first fifteen weeks of its financial year, with vigorous retail sales and hire growth meaning it is confident it will hit market expectations for the year as a whole.
The company said total sales in the fifteen weeks from to May 16 rose 6.4%, with like-for-like sales up 7.4%. Like-for-like retail sales, including its e-commerce channel, rose 7.6%, while like-for-like hire sales were up 6.4%, which can be attributed to 2015‘s wedding boom.
The formalwear retailer has said that the new season‘s ranges were performing well and that retail gross margins are ahead of last year due largely in part to the earlier clearance of residual stock.
E-commerce sales were up 65%, boosted by the development of its retail and hire websites, and now represent 10% of total sales, up from 6.5% in the comparable period a year earlier.
In addition, the suit hire arm of the business “continues to show positive growth on the prior year”.
11 Moss Bros stores have been refitted this year alone as part of a re-fit programme, only 59 left to go.
“We are pleased with our progress. Retail sales and margins have continued to improve, boosted by the increasing contribution from refitted stores and the lower levels of residual stock. Hire sales continue to show the improvement seen earlier in the season and are showing good growth on the prior year,” said Brian Brick, Moss Bros’ Chief Executive.
“E-commerce sales in the first 15 weeks of the year continue to grow, reflecting our continuing investment in systems and infrastructure. This is another good period of progress for Moss Bros and we continue to remain confident about our medium term growth prospects,” he added.