14th Jan 2016 08:43
LONDON (Alliance News) - Moss Bros Group PLC on Thursday reported growth in revenue in the 23 weeks to January 9 as both its retail and hire divisions increased sales and gross margin benefited from better promotional activity.
The men's suit specialist said total sales in the 23-week period grew 4.8% year-on-year, while like-for-like sales rose 4.2%.
Of this, retail sales increased 3.5% on a like-for-like basis, benefiting from store refits and a more "authoritative brand and price proposition", while hire sales were up 9.5% on a like-for-like basis due to a successful eveningwear season.
Gross margin also improved by 2.8 percentage points due to an improvement in retail gross margin, as a result of a continued focus on more coordinated and better targeted promotions, particularly during the Black Friday period, and despite unseasonably warm autumn weather, Moss Bros said.
"The business continues to make good progress, and the board remains confident in the outlook for the full year," Chief Executive Brian Brick said in a statement.
Shares in Moss Bros were trading down 2.6% at 98.00 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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