Thursday, July 20, 2017

Moss Bros chief praises “strong progress” of half year results

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Moss Bros’ pre-tax profits experienced a 30 per cent surge in its half year financial report, thanks to a better strategy around sales and targeted promotions.

The retailer’s pre-tax profits rose to £3.7 million in the 26 weeks to July 30, while like-for-likes went up by 4.9 per cent and hire like-for-likes increased by 2.8 per cent.

Meanwhile, total sales had an uptick of 4.1 per cent, rising to £63.8 million.

Chief executive Brian Brick praised the first half of the retailer’s financial year as “another period of strong progress”.

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“Having originally launched the Moss Bros sub brand line up at the start of the autumn 2014 season, we have ensured that our customer offer is more clearly defined and more closely aligned with our target customer groups,” he said.

“Alongside this, the significant ongoing store refit programme, which will be substantially complete by the end of this financial year, has continued to steadily build equity in the Moss Bros brand.”

Seven Moss Bros stores were also refurbished in the first half year, bringing the total to 89 out of 125 of its stores now trading in a new format.

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