Moss Bros hires more wedding outfits as FY profits rise

26th Mar 2014 08:00

An upturn in people hiring outfits for weddings is boosting business at menswear retailer and outfit hirer Moss Bros as its 2013 profits rose.Moss Bros said 2013 was tough for the wedding outfit hire industry, but early season bookings for 2014 had stabilised and bookings this month were stronger than in March last year."It is too early to say if this upturn will be sustained but the business is in excellent shape to build market share," the group said.Moss Bros reported a rise in pre-tax profit in the year to January 25th to £4.4m from £3.1m a year ago. Pre-tax earnings before interest, depreciation and amortisation lifted 16.5% to £9.2m, driven by improved sales and reduced costs.Group like-for-like sales rose 4.2% to £122.2m and like-for-like retail sales increased 6.4%, although like-for-like hire sales fell by the same amount.Moss Bros proposed a final dividend of 4.7p, giving a total dividend for the year of 5p against 0.9p a year ago.The retailer said sales in the first eight weeks of the new financial year had risen 7.3% and like-for-like gross profit in the eight weeks to March 22nd 2014 had increased 6.4% against the same period a year ago.The group has refitted 13 stores as part of an ongoing refurbishment plan, taking the total of refurbished shops to 36. It aims to revamp 28 in 2014/15. It also said its new online system had led to a significant rise in sales.Chief Executive Brian Brick said: "The business is on track to achieve market expectations in 2014/15."Shares in Moss Bros fell 0.4p to 100p in early trading in London. PW