Moss Bros stitches up five-fold profit rise

Moss Bros Group's profits grew five-fold for the year to January 29. The menswear retailer's pre-tax profit increased from£1 million to£5.5 million. Turnover rose, but at a slower rate, from£124 million to£130.2 million. Like-for-like sales were up by 9 per cent.

The retailer said it had improved gross margin through operational efficiencies, but also attributed growth to the fashionability of ranges across its Moss Bross, Cecil Gee and Boss chains as well as investment made in stock presentation.

Group chief executive Philip Mountford (pictured) said: 'The company made good progress in the last financial year. Like-for-like sales growth at better margin represents a solid performance in a competitive retail market. Our product-led strategy is attracting new customers into our stores, with improved ranges of shirts and casualwear complementing the appeal of our extensive suit and formalwear offer. There remains substantial unrealised potential in our existing stores. The new financial year has started well, with like-for-like sales growth of 6 per cent and continuing improvement in margin.'