An interim statement from the company said that total stock balance was down 10%, with stock over six months down 41%.
The statement said that working capital continued to be managed very tightly. It said: "Following earlier management actions and ongoing initiatives, the business is well placed to both limit any further downside from a continuing volatile environment, and take full advantage of any improvement."
Chief executive Philip Mountford: "The men's retail market continues to be extremely challenging but management believes the business is well set up to navigate this difficult period. As the UK's number one branded suit specialists with a wide range of fashionable suit collections, we are well differentiated from our competitors."
"With the distraction of a potential takeover bid now removed management's attention and energy will be re-focused on driving the business through he short term as well as concentrating on implementing our three-year strategic plan, to reinvest in our current portfolio, grow the core Moss chain and develop our Asian supply chain."
The board declared a special dividend of 1.3p per share to be pail on July 28.