- Moss Bros full-year underlying pre-tax profit up 23.1% to £5.9m
- Like-for-like retail sales up 7.6%
- Full-year group like-for-like sales up 8.2% to £119m
Formal menswear retailer Moss Bros has unveiled a strong full-year performance with sales and profits up.
Underlying pre-tax profit was up 23.1% to £5.9m in the year to January 30 after a focus on full-price sales and gross margins.
Like-for-like retail sales increased 7.6% after Moss Bros invested in strengthening its “brand identity”, including refitting stores, redefining its sub brands and improving its product offering. Full-year group like-for-like sales were up 8.2% to £119m, including VAT, and in the first nine weeks of the new year they rose 5.2%
Ecommerce sales were up 36.3%, and now account for 10% of total sales.
The retailer has accelerated its store refit plan. It has 81 shops now trading in the new store format and they are “performing to expectations”.
As previously reported, since year-end Moss Bros hired Sara Gomez as its new people director, and Paula Minowa as its chief operating officer to drive multichannel and international.
Moss Bros chief executive Brian Brick said: “We continue to make strong progress in the delivery of our strategic priorities. The modernisation of the store portfolio, which is nearing completion, is achieving the anticipated returns and we have well developed plans for the implementation of our multichannel shopping environment.
”We have added to the strength of the management team and we are well placed to take advantage of these opportunities to accelerate our growth.
“The early response to the 2016 spring/summer retail range has been positive and retail like-for-like sales and gross margins are continuing to improve year on year.”