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Reduced discounting pays off for Moss Bros

Moss Bros has reported a rise in group like-for-like sales of 8.2% to £119m for the year to January 30, while underlying profit before tax grew 23.1% to £5.9m compared with the previous year.

Moss Bros spring 16 campaign

Moss Bros spring 16 campaign

Retail sales were up 7.6% and hire sales, which represent 14% of turnover, increased 11.7% on a like-for-like basis.

Ecommerce sales now account for 10% of turnover and rose 36.6% during the year.

Gross margin improved by 1.5% over the 12 months to 59.8%, thanks to lower levels of discounting.

Group like-for-like sales for the first nine weeks of the new financial year increased by 5.2% and the company has introduced an ”accessible bespoke” line called Tailor Me, which will be rolled out across all stores by September this year.

It is currently available in 25 stores following a successful pilot.

“The modernisation of the store portfolio, which is nearing completion, is achieving the anticipated returns and we have well-developed plans for the implementation of our multichannel shopping environment,” said chief executive Brian Brick.

“We have added to the strength of the management team [appointing a people director, chief operating officer and customer director during the year] and we are well placed to take advantage of these opportunities to accelerate our growth.

“The early response to the 2016 spring/summer retail range has been positive, and retail like-for-like sales and gross margins are continuing to improve year on year. The broadening of our hire offer to include lounge suits is underpinning a positive start to the 2016 hire season.”

 

 

 

Readers' comments (1)

  • Well done Mr B, you cant beat a first class retailer with a clear vision of where they want to go and how to get there!
    At last some good news.Well done to him and his Team.

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