Moss Bros confident for full-year as party season kicks in

12th Dec 2013 08:00

- Confident of meeting full-year targets- Sales boosted by non-wedding hire- Strong second-half as it moves into party seasonFormal wear specialist Moss Bros said it has continued to trade well and is confident of delivering anticipated full-year growth as sales in its hire division stabilise.The London-based group's hire division suffered from a drop in the number of people tying the knot earlier this summer but the transition from the wedding season to the eveningwear season has helped sales in the division pick up, it explained.Like-for-like (LFL) sales for the first 19 weeks of the second half were up 5.3% on last year. LFL sales for the 45 weeks to December 7th were 2.2% ahead of last year as customers hired formal outfits for school proms and other non-wedding hire. Total sales for the 45 weeks to December 7th increased 1.8% on last year. Gross margins for the half-year to date fell 70 basis points below last year, due to hire sales accounting for a smaller proportion of total sales. Chief Executive Officer Brian Brick said: "We are encouraged by the trading momentum throughout the business which has continued into the second half of this year and we enter the important Christmas trading period in good shape. "We continue to develop the business by leveraging the strength of our brands and our operational capabilities. The board remains confident in the outlook for the full year."CJ