Moss Bros hailed another step in its turnaround yesterday after the menswear retailer reported a double-digit rise in like-for-like sales.
The group, which recently sold its Cecil Gee and Hugo Boss stores in order to focus on improving its core Moss business, said it continued to make good progress despite the market conditions.
Gross profits were 7.9 per cent ahead of last year in the 19 weeks to December 10 after sales on a same-store basis lifted 10.5 per cent.
Chief executive Brian Brick said: “We are encouraged by the sales momentum throughout the business.” Moss, which also trades as Savoy Taylors Guild, has used proceeds from the sales of Cecil Gee and Hugo Boss to revamp its own outlets, invest in its online offering and pay off debts.
It opened its first new-look store in Canary Wharf earlier this year, combining its hire, retail and bespoke businesses under one roof.
The format has been copied in recent weeks in Dublin, Sheffield’s Meadowhall and Bluewater, Kent and a number of test refits of existing stores will take place next year.
Seymour Pierce analyst Freddie George, who thinks full-year profits of £500,000 will rise to £1m the year after, described the update as impressive.
Moss said recently that one factor helping its sales was the rise in popularity of American-style ‘proms’ at British schools.
The company has around 135 stores in the UK.