- Pre-tax profits up 30% to £3.7m in the 26 weeks to July 30
- Like-for-likes up 4.9%
- Total sales up 4.1%
Moss Bros’s pre-tax profits have rocketed in what boss Brian Brick hailed as “another period of strong progress for the company”.
Pre-tax profits rose 30% to £3.7m in the 26 weeks to July 30, driven by the removal of the mid-season Sale and more targeted promotional activity.
Total sales increased 4.1% to £63.8m, with like-for-likes rising 4.9%. Retail like-for-likes sales rose 5.3% while hire like-for-likes were up 2.8%.
Store modernisation continued apace, with seven stores refurbished in the period. Of Moss Bros’s 125 stores, 89 are now in the new format.
Chief executive Brian Brick said: “The half year under review was another period of strong progress for the company.
“Having originally launched the Moss Bros sub brand line-up at the start of the autumn 2014 season, we have ensured that our customer offer is more clearly defined and more closely aligned with our target customer groups.
“Alongside this, the significant ongoing store refit programme, which will be substantially complete by the end of this financial year, has continued to steadily build equity in the Moss Bros brand.”
The formalwear retailer added that current trading was “encouraging”, with like-for-like sales up 3.7% in the eight weeks to September 24.