Moss Brothers thriving despite economic weakness

27th Sep 2011 07:57

Suit retailer Moss Brothers has shrugged off the recent economic weakness to record trading ahead of expectations and is on course to deliver better than expected growth levels by the year end, it said today.In the period between the end of January and the end of July, it said like-for-like sales were up by 15.4%. Pre-tax profits on continuing operations came in at £2.2m, against a loss of £2.8m over the same period the previous year.Moss Brothers added that trading in the eight weeks to 24 September has continued to be encouraging, although it did add that margins have been affected by rising raw material prices. "Whilst the economy has not materially picked up, the Group has traded well ahead of last year across both hire and retail in the first six months of the year," chief executive Brian Brick said. "This trend has continued into the second half, albeit at a lower level than the first half due to strengthening comparatives."---RG