Profits jumped at Moss Bros last year, helped by a strong demand for smart attire which reduced the need for discounting.
Overall, like-for-like sales grew by 11.7% at the men’s formalwear retailer and pre-tax profits increased to £5.9m, from £4.7m in the year to the end of January 2015
In a trading update on Tuesday, Moss Bros said:
“The broadening of the range to include lounge suits has proved very successful and has received very positive customer feedback. The full review of our hire operation in 2014 led to a number of operational changes to improve quality, product availability and customer experience and these are now driving profitable growth. Weddings, evening wear, Royal Ascot and school proms all showed good levels of growth.”
Several initiatives are seemingly contributing to a pick-up in growth for Moss Bros. 81 stores have now been refurbished over the last three years and hire is recovering. Online is also gaining momentum: sales grew 36% in the period.