Moss Bros continues sales momentum

19th May 2011 08:00

Sales momentum at menswear retailer Moss Bros continued in the 15 weeks to 14 May 2011 but it remains cautious about the outlook for the year as consumers cut back on spending.Like for like sales increased 8.2% for the first 15 weeks while total sales for the continuing business increased 12.9% from last year. Moss Bros said its trading performance continues in line with market expectations and it is on course to deliver the expected levels of growth.Chief executive officer Brian Brick said he was pleased with sales momentum and the control on margins which was aided by the decision not to go on mid-season sale this year. "The business continues to make good progress in tough market conditions, but the Board is mindful of the macro-economic environment and its impact on consumer spending. We therefore remain cautious about the outlook for the year ahead but are confident of our medium term growth prospects," he said. The cost reduction programme, initiated in the second half of 2010/11, is delivering the planned savings, the group added.CJ