5th Dec 2007 07:05
Moss Bros Group PLC05 December 2007 Moss Bros Group Plc Interim Management Statement After a good start to the second half, we have seen lower levels of footfall andsales in the last seven weeks. In the eighteen weeks to date of the second half,like for like retail sales declined 1.5%. Total sales in the period declined3.7% as a result of planned store closures in the second half of last year.Retail sales for the 44 weeks to 1 December are ahead 1.1% on a like for likebasis, following a good second and third quarter. We still have the key Christmas trading weeks to come which as always, will havea major bearing on the final outcome for the year. However, given the salesperformance of the last seven weeks, it seems unlikely that full year profitswill reach the current market consensus. The Company has developed plans to reduce complexities within the business,thereby reducing costs and maximising the returns from remaining assets. Thebusiness maintains a very strong balance sheet with no debt and a forecast cashbalance at the year-end in line with last year's £16.6m; stock levels have beentightly controlled, in light of slower sales, to ensure that terminal stock isminimised at the end of the season. The business is well resourced to both limitany further downside from a weaker consumer environment, and capitalise on thesubsequent improvement. Philip Mountford, Chief Executive, said: "Our sales performance in the last two months reflects the tough tradingconditions in our markets. However, we enter this key period with well-developedretail plans, a good product range, better store environments and tight stocks.Using our strong positive cash position we are confident that continuedinvestment in our stores and our offer will underpin future growth." Enquiries: Moss Bros Group Plc: 0207 4477239Marcie MennsGroup PR Manager Tulchan Communications: 0207 353 4200 Celia Gordon Shute This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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