- Like-for-like sales leap 6.1%
- Total sales up 7.6%
- Online sales up 24.9%
Moss Bros recorded soaring sales in its second half as improved margins and ecommerce channels drive consumer spend.
The menswear retailer reported a 6.1% jump in like-for-like sales year-on-year in the 23 weeks to January 7 as overall sales rose 7.6%.
The retailer’s online sales were up 24.9% during the period following investment its back-end systems in the first half of year and comprised 11% of group revenue.
Moss Bros gross margins increased 1.4% in its second half, which the retailer attributed to “a more carefully targeted promotional programme.”
The retailer opened a net eight outlets during the period, taking its overall store estate to 128.
Eleven new stores have been refitted in the financial year so far as part of the menswear’s retailer’s ongoing store refurbishment programme, taking the total of new and refitted outlets to 97.
Chief executive Brian Brick said: “Ongoing investment in new and refitted stores, alongside improved omnichannel capabilities have enabled us to continue the progress we made in the first half of the year.
“In common with many UK retailers, the year ahead looks set to be a challenging one, not least the uncertain consumer environment, wider political backdrop and higher input costs; in product from a weaker pound, business rates and employee costs.
“We are therefore preparing the company for a more competitive trading environment and we are planning and deploying our resources accordingly, ensuring that we continue to protect the investment we are making in building and sustaining growth.”