The suit business has reported increased sales in both its retail and hire divisions.
Like-for-like sales at suit retailer Moss Bros have edged up 4.9% in the year to 30 July 2016 – total sales were up 4.1% to £63.8m. Like-for-like retail sales were up 5.3%, which included a 7.7% growth in online sales, while like-for-like hire sales nudged up by 2.8%.
Pre-tax profit was also up – by 30% to £3.7m – and operating profit increased, again by 30%, to £3.6m.
Moss Bros is currently seeking to modernise its portfolio and strengthen brand identity, as well as investing in its ecommerce capabilities. Online sales now account for 10.3% of the group’s total revenues. The brand also recently launched its ‘Tailor Me’ service across the majority of its stores.
Commenting on the results, CEO Brian Brick said: ”Improvements in customer conversion and higher average transaction values have underpinned the ecommerce performance, which also now benefits from a fully responsive website, enabling us to more effectively serve those customers reaching us via mobile devices. The group’s financial performance continues positively and in line with the board’s expectations for the outturn for the year. We are profitable, cash generative and have a strong balance sheet and, given our confidence in our performance, we are declaring an interim dividend of 1.91 pence per share, in line with our progressive dividend policy.”