Menswear specialist Moss Bros is making strides in its improvement programme.
The retailer last week posted EBITDA more than doubled from £1.4m to £3.2m in the year to January 30, when pre-tax losses were reduced from £5m to £3.9m.
Moss Bros’s new year has got off to a good start too. Like-for-likes rose 15% in the first seven weeks, when gross profit was 12% up.
Chief executive Brian Brick said good progress has been made operationally and he had “great confidence that we will fully leverage the potential of this business”. Brick put his money where his mouth is with the purchase of 63,000 shares at 21p the day after issuing the figures.
House broker Altium increased its share price target from 41p to 45p and said “substantial momentum” had been created at the retailer over the past 18 months and is likely to continue.