Menswear group Moss Bros reported sales and margins were up as chief executive Brian Brick’s improvement programme for the retailer continued.
Like-for-likes advanced 8.3% in the first 18 weeks of the second half and in the 44 weeks to December 4 climbed 10.2%. Total sales advanced 8.9% in the latter period.
The retailer said retail gross margin was better year on year over the 18 weeks despite a “highly promotional” trading environment.
Brick observed: “We enter this key trading period in the best shape we have been in for some time but we are mindful of the fragile state
of consumer confidence.” In the new year the retailer expects to begin rolling out its new Moss Bespoke stores.
Broker Numis, advising buy with a 30p price target, was pleased by the update and expects Moss Bros to move into profit in January 2012. For the year to January 2011 Numis expects it to post a loss of £3.2m.
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