Moss Bros notches up £3m first-half loss
Moss Bros has reported first-half losses of £3m compared with a £2.2m loss for the same period last year.
The menswear retailer, which runs the Moss, Cecil Gee and Savoy Tailor’s Guild chains said it will meet its expectations for the full year.
In the six months to August 1, total sales fell by 0.6% to £60.7m, a 2.6% drop on a like-for-like basis. However, the retailer said it succeeded in maintaining a 56% gross margin.
Like-for-like sales in the mainstream fascias - which includes the Moss fascia - were down 2.3% during the period. The fashion fascias, which include the Hugo Boss business, notched up a 3.5% like-for-like decrease.
The company said that like-for-like retail sales in the first eight weeks of its second half have continued to improve and that gross margin is being maintained.
EBITDA during the first half was £0.6m, in line with full year expectations. Total stock levels were down 22% at £15.1m, versus £19.3m the year before.
According to Reuters Estimates, analysts had been forecasting a pre-tax loss of £7 million for the year to end of January, compared with £5 million for the previous year.