Menswear retailer Moss Bros has revealed skyrocketing full year profits “in spite of continuing tough market conditions”.
In the year to January 28, pre-tax profits shot up by 20.3 per cent to £7.1 million, while EBITDA climbed 8.8 per cent to £13.6 million.
Like-for-like sales also jumped six per cent, while investment in the retailer’s suit rental offering saw a 1.5 per cent rise in like-for-likes, representing 13.7 per cent of group revenues.
Additionally, ecommerce investment has seen online sales rise 15.7 per cent accounting for 11 per cent of total sales, driven by growth in mobile and tablet sales.
Moss Bros’ group sales rose 5.3 per cent to £131.5 million, which chief executive Brian Brick attributed to “ongoing investment in a strong brand identity and store refit programme”.
“The modernisation of the store portfolio is nearing completion and continues to achieve anticipated returns,” he said.
READ MORE: Moss Bros invests millions in its rental arm
“We have made a good start to the implementation of our omnichannel shopping proposition and will ensure that the appropriate investments are made in both our systems and our people during 2017 and beyond, to leverage the benefits of this important area.
“We continue to add to the capabilities of the management team and we are well placed to accelerate our growth, in spite of continuing tough market conditions and the ongoing headwinds which we face as a result of increasing input costs in many areas.”
The retailer said retail sales were in line with expectations in the first seven weeks of the new financial year.