Moss Bros revives sales growth

30th Mar 2011 07:29

Menswear group Moss Bros revived like for like sales in the 52 weeks ended 29 January 2011 and said trading remains in line with company expectations.All areas of the business saw growth with the Hire business achieving its highest ever sales, the group said.Like for like sales rose 9.1% during the year compared to a decline of 0.4% the same time a year earlier. Retail like for like sales were up 8.9% while hire sales increased 10.9%.Commenting on the results chief executive officer Brian Brick said, "We have made good progress on all of the operational priorities we set out at the beginning of the year and this has had a very positive impact on trading, despite the difficult trading environment last year."Like for like sales in the first eight weeks of the new financial year have continued to improve on 2010/11, up 7.8%. Like for like gross profit rose 8.4%.Brick added, "Current trading reflects strong like for like growth and our continued focus on the operational priorities, with the support of our strong balance sheet, gives me great confidence that we will fully achieve the potential for this business."Group revenue rose to £136.4m in the 52-week period compared to £128.7m the year before. It saw full year loss before taxation widen to £7.5m from a loss of £6.6m earlier. Pre-tax loss before exceptional items reduced to £2.7m from £3.9m.The group, which recently boosted its turnaround plan with the sale of its Hugo Boss franchise for £16.5m, said it remained focused on growing its own brands.No dividend has been recommended. CJ