Moss Bros toasts surge in profits

The retailer, which has 125 stores, said first half suit hire sales rose 9.8 per cent on a like-for-like basis - outpacing the 9.7 per cent hike in retail sales and marking a welcome recovery after two years of falling sales.

Moss Bros said its move to introduce two new ranges of lounge suits had paid off as it tapped into a growing trend for more grooms and wedding guests to opt out of wearing the traditional morning suit.

The group said pre-tax profits jumped to £2.8 million in the six months to August 1, up from £2 million a year earlier, with overall comparable sales lifting 9.7 per cent. It added that the second half had also got off to a strong start, with sales growth picking up to 10.4 per cent over the eight weeks to September 26. Shares jumped by 5 per cent after the half-year results.

Moss Bros chief executive Brian Brick said its first half was “another period of strong progress for the company”.

Suit hire, which makes up 15 per cent of the business, returned to sales growth in the first quarter after a tough two years, which was hampered by a lacklustre wedding market since 2013.

The group had also suffered in the wake of the financial crisis, but since the arrival of Mr Brick at the helm in 2009, it has been revamping ranges and stores and returned to profit in 2012 after a series of losses.

Analysts at Peel Hunt said the half-year results were ahead of their forecast.