Moss Bros profits jump but cautious on “significant cost headwinds”

187
Moss Bros

Moss Bros continued to see healthy growth amid its half-year results but it remains cautious as “conditions remain tough”.

In the six months to July 29, revenues jumped 4.3 per cent to £66.6 million while pre-tax profits saw a 15.7 per cent rise to £4.2 million.

Like-for-likes also rose 2.8 per cent and comparable retail sales were boosted 5.1 per cent.

Despite reporting similarly positive growth in its annual results in March, the menswear retailer warned of “one of the most competitive retail environments” it had seen.

Although it has been hammered by cost pressures like many of its high street peers, like-for-like sales in the eight weeks to September 23 are reportedly up 3.5 per cent.

“We remain acutely aware that market conditions remain tough, with a highly competitive retail landscape set to continue alongside an unpredictable economic back-drop,” chief executive Brian Brick said.

“There are significant cost headwinds, driven by National Living Wage, the Apprenticeship Levy and weaker sterling.”

Click here to sign up to Retail Gazette‘s free daily email newsletter