Moss Bros H1 losses widen

29th Sep 2009 07:30

Menswear retailer Moss Bros widened pre-tax losses in the first half while sales fell but believes it will meet full year expectations after improved trading in the second half.During the six months to 1 August pre-tax losses grew to £3.0m from a pre tax loss of £2.2m the year before. Total group sales for the period were down 0.6% at £60.8m while like for like sales fell 2.6%.Moss Bros Hire suffered from a lack of corporate black tie events. "Dinner suit hires and Ascot hires were down due to reduced corporate entertainment for such events. Wedding hires however, continued to be strong. Like for like hire sales were down 1.6%. Commenting on overall trading chief executive officer Brian Brick said, "Trading in the first eight weeks of the second half has continued the improving trend, seen at the end of the first half, with both mainstream and fashion showing gains compared with the first 26 weeks. Lfl total sales were ahead noticeably when compared with the comparative period last year." He added, "The positive impact of new management initiatives, coupled with other operational changes across the business, lead the Board to believe the Group will meet its expectations for the full year. This is predicated on the fiscal state of the economy remaining broadly in line with the current situation and not materially worsening."No interim dividend is being proposed.