Moss Bros reports tough trading conditions

Moss Bros reported rising profits
Moss Bros reported rising profits
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​Men's suit retailer Moss Bros has posted a healthy rise in half-year sales and profits, despite a "very tough​"​ trading environment.

Pre-tax profit at the high street firm rose 15.7​ per cent​ to £4.2​m on revenue of £66.6​m, up 4.3​ per cent​.

The group said like-for-like sales rose 2.8​ per cent in the six months to July 29, while comparable retail sales rose 5.1​ per cent​.

Chief executive Brian Brick said that Moss Bros is operating in "one of the most competitive retail environments" the firm has seen.

He added: "We remain acutely aware that market conditions remain tough, with a highly competitive retail landscape set to continue alongside an unpredictable economic back-drop.

"There are significant cost headwinds, driven by National Living Wage, the Apprenticeship Levy and weaker sterling."

Like other retailers, Moss Bros has been hammered by the collapse in the value of the pound and waning consumer confidence as Britain's economic growth stutters in the wake of the Brexit vote.

The firm said that current trading shows that like-for-like retail sales in the eight weeks to September 23 are up 3.5​ per cent​, although comparable sales at its hire division are down 4.7​ per cent​.