Moss Bros losses widen

Moss Bros sales have improved in the second half

• Increase image
• View all images

Moss Bros  saw pre-tax losses widen from £700,000 to £1.6 million for the six months ended July 26 but sales picked up in the second half.

Moss Bros said group like-for-like sales fell 2.6% for the six month period and total sales were down 2.9% to £61.1m. Gross margin rose 40 basis points and the business reduced terminal stock by 28%.

The core Moss chain recorded a like-for-like sales fall of 6.1%. Performance was dragged down by the discount outlet stores.

Like-for-like retail sales across Moss bros' fashion fascias, which includes its Hugo Boss franchise stores, rose 0.4%.

Hier sales were ahead 2.5% on a like for like basis.

Moss bros said trading had improved in the first eight weeks of the second half. Like-for-like sales are flat.

Moss bros chief executive Philip Mountford said: "The UK's number 1 branded suit specialist has the right brands and a strong management team to lead the business through what are challenging times. The board has been strenghtened and the company is in a good position to take full advantage of a shift in customers' desire towards higher priced contemporary and fashionable formalwear."

Mountford added: "Recent trading has shown the branded strength and customer appeal of the fascias we operate and for that we have no rason to alter the market's full year expectations."