Moss Bros reports first-quarter like-for-likes up 6.3%

The formal menswear retailer said that for the 16 weeks to May 17 total sales jumped 5.4% against last year helped by store refits and lower levels of residual stock. Like-for-likes including online surged 8.5% as the new season’s ranges performed “well”.

Hire sales fell 3.8%, which Moss Bros said was due to the “subdued wedding market” but the hire website is “performing well” and traffic flow and revenue has lifted.

Online sales rocketed 115% boosted by its ongoing improvements to its retail website after the retailer benefitted from international sales from overseas sites. Last year it opened its first localised overseas sites in Australia, Sweden, Denmark, the Netherlands and Eire. These sites comprise 6% of online sales, while the mobile site comprises 9%.

Online sales make up 6.5% of total sales, up from 3.3% in the same period last year.

Moss Bros chief executive Brian Brick said: “Hire sales are below last year’s levels, although, being 16% of overall group sales, the impact of this shortfall is more than offset by the strong performance on retail. 

“Ecommerce sales in the first 16 weeks of the year continue to grow strongly, with international sales now contributing to that growth, reflecting our continuing investment in systems and infrastructure. 

“We are confident that the introduction of full multichannel capability later this year and the added CRM capability will enable us to further exploit our position as the UK’s leading men’s formalwear specialist.

“Our strategy of refitting stores, investing in multichannel infrastructure and focusing on our target market and customer offer through carefully directed marketing initiatives will strengthen the Moss Bros brand and maximise profitability. We continue to remain confident about our medium-term growth prospects.”