Menswear business Moss Bros expects to exceed market expectations for the financial year, after trading well over the Christmas period.
Like-for-like sales in the 24 weeks from July 29 and January 12 were up 2.7% compared with the same period last year. Like-for-like cash profit soared 9.5% over the same period.
Moss Bros now expects its profits to exceed market expectations when it reports its full year results in March.
Chief executive Brian Brick said: “We are encouraged by trading throughout the business over the key Christmas trading period Close control over discounting to clear stocks, coupled with continued strong cost management, means we will finish 2012/13 ahead of expectations.”
Brick added: “We remain conscious of the fragile trading environment but continue to rigorously implement our strategic plan to turnaround and grow the business.”
Analyst Nick Bubb said the business had “been quietly doing rather well over the last year”.
He added: “In the past, Moss Bros and formal menswear has been a tough business to get right, but under chief executive Brian Brick the new management team has succeeded with the turnaround strategy, so good for them.”