Menswear market remains competitive
Menswear retailer Moss Bros Group has revealed pre-tax profit was£5.1 million in the year to January 27, compared to£6.2 million the previous year. Like-for-likes dropped 1.3 per cent after five years of growth and like-for-like sales declined 1 per cent in the first 10 weeks of the new financial year.

Moss Bros chief executive Philip Mountford said: 'The menswear market remains highly competitive. A number of steps have been taken during the year to strengthen the business, which also negatively affected performance in the period, although they will be positive in the longer term. This was also a demanding year for our markets with the World Cup period in the summer reducing profits by approximately£500,000 and the mild weather in the second half affecting outerwear sales and reducing profits by approximately£800,000.'

The group said 11 stores were opened during the year, 11 stores were refitted and three stores relocated. Six loss making stores were disposed of.

The retailer is to appoint two non-executive directors associated with Unity Investments - of which Baugur are part and which owns almost 30 per cent of the retailer's share capital - to the board. Mountford said: 'This will help us accelerate the long-term growth of the business.'

Seymour Pierce analyst Andrew Wade said: 'Current trading has not picked up as quickly as we had hoped. It is worth noting that the performance at Moss has been

disrupted as the store refit programme - significantly uplifting like-for-likes on completed stores - has been rolled out.'

Wade also revealed: 'Unity Investments has 'reconfirmed its position as a long-term investor'.'

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