Like-for-like at Moss Bros for the 15 weeks to 28 January fell 5.2% compared with the same period in 2017, as stock shortages at the retailer continued to bite.
Total sales dropped 2.4% year on year. Like for like hire sales were down 4.9%. Online sales were up 11% on last year and now comprise 13% of total sales, up from 11.5% in 2017.
Two stores were refitted this year to date and two new stores will open shortly at Westfield London in Shepherd’s Bush and in Oxford. Moss Bros currently has a total of 128 stores.
Moss Bros said it continues to recover from the stock-related challenges experienced at the beginning of the financial year, although it is cautious of the “fragile and more volatile” consumer environment.
Despite this the board remains confident that it is on track to meet market expectations for the year.
Brian Brick, chief executive, said: “Following a disappointing start to the year, our trading performance has, as anticipated, begun to improve, as a result of our improving stock availability. The wider trading environment, however, remains tough with a fragile consumer environment.
“We remain conscious of the economic headwinds that we face but will, as described in March, continue to invest in the areas that ensure we leverage our distinct position on the high street.
“We will shortly enter a key period of our trading year, with wedding season, school proms and Ascot. We are well placed with our core offer and levels of stock availability to maximise our share of our customers’ spend.”