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Moss Bros like-for-likes and margins rise with 'more consistent full-price trading'

Moss Bros has increased like-for-like sales by 4.2% for the 23 weeks ended January 9, with gross margin rising by 2.8% compared with the previous year.

 

Moss Bros

Moss Bros

The men’s tailoring retailer said total sales for the period were 4.8% ahead of last year.

Retail sales, which account for 86% of revenue, were up by 3.5% on a like-for-like basis, while hire sales rose by 9.5% during the same period.

The company closed eight stores and opened four, with a total retail portfolio of 126 stores. It refitted 21 stores to its new format to join an existing 60 stores and plans to refit a further 20 in the year ahead.

Online sales were up by 32.7% for the 49 weeks ended January 9.

“We are pleased with the progress of our promotional strategy, with fully coordinated and better targeted offers in our retail business,” said chief executive Brian Brick. “This has allowed more consistent full price trading, particularly through the Black Friday trading period, with gross margins showing a sustained improvement as a consequence. This is despite a challenging autumn trading environment, with unseasonably warm weather conditions.”

Brick said the board remains confident in its outlook for its full-year performance and will announce preliminary results on April 5.

 

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