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Profits climb at Moss Bros

Pre-tax profits at Moss Bros climbed 15.7% to £4.2m in the 26 weeks to 29 July, as the menswear retailer continued to invest in its store estate and custom tailoring services.

Group like-for-like sales increased 2.8% and like-for-like retail sales were also up, growing by 5.1%. Total group revenue was up 4.3% on the previous year, to £66.6m. Retail gross margin was up 0.1% in the first half of the year, despite Moss Bros re-introducing a mid-season Sale in response to tougher trading conditions during the earlier part of the season.

Moss Bros opened four new stores, relocated two and closed two during the period.

Alex Gersh, CFO of Paddy Power Betfair Group, will join Moss Bros as a non-executive director on 1 November.

Chief executive Brian Brick said he was pleased with Moss Bros performance in what had been “a very tough trading environment”.

“The early response to the 2017 autumn winter ranges has been encouraging and we continue to see our retail like-for-like sales improve.

“We remain acutely aware that market conditions remain tough, with a highly competitive retail landscape set to continue alongside an unpredictable economic back-drop. There are significant cost headwinds, driven by National Living Wage, the Apprenticeship Levy and weaker sterling.”

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