Saturday, September 23, 2017

Moss Bros celebrates rise in profits after stellar wedding season

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Moss Bros’ pre-tax profits grew 44% in the 26 weeks to 1st August and like-for-like sales rose by 9.7% on last year, following demand for wedding attire. 

The suit specialist suffered from the economic downturn in recent years, but is benefitting from strong trading in its hire division, in which sales increased by 9.8% 

“The broadening of our hire product range, through the introduction of two ranges of lounge suits and improvements in customer service delivery, contributed to renewed growth in hire and a successful 2015 wedding season, with Royal Ascot and eveningwear continuing to show growth,” said Chief Exec Brian Brick. 

The upmarket menswear retailer modernised 11 of its stores during the period, bringing the number of new or refitted outlets to 74 in the company’s 125 store estate. 

Online sales were up by 59% compared to the same period last year; an encouraging figure in an industry where more and more customers shop online. 

“E-commerce has grown strongly in the period and this trend is expected to continue,” said Brick.  

“The implementation of a more coordinated and targeted promotional programme, in conjunction with improved clearance of residual stocks through our e-commerce ‘Outlet’ channel, has enabled us to improve our achieved gross margin.”

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