- Prachi Singh |
Moss Bros Group total sales for the 15 week period from January 29, 2017 to May 13, 2017, increased by 3.7 percent on last year; while like-for-like sales were up 2.3 percent for the same period. Like–for-like retail sales, including e-commerce, were up 5.5 percent, which the company said due to the new season’s ranges performing well.
Commenting on the outlook, Brian Brick, Chief Executive Officer, said in a media statement, “We are pleased with our progress and Moss Bros continues to trade well and in line with the board’s expectations, despite the continuing tough trading environment and a highly competitive marketplace which has seen significantly more markdown activity than the same period last year.”
Retail gross margin reduces 50 basis points
Retail gross margins were 50 basis points below the previous year due to re-introducing a mid-season sale during April as a response to a much tougher trading environment than the previous year, when the sale activity was removed.
The company said, like–for-like hire sales on a ‘cash taken’ basis were down 14.2 percent, due to the reduced value of the deposit taken from each customer when a hire order is first placed, which was flagged at its March prelim results. Hire order numbers booked for collection in 2017 were 3.8 percent below the prior year and the total value of these orders was 1.6 percent lower.
E-commerce sales continued to increase, up 14.7 percent on last year, with continuing growth in mobile traffic. Total e-commerce sales now comprise 11.6 percent of total sales for the 15 weeks to date compared with 10.7 percent for the same period last year.
The company refitted three stores and opened two new stores so far this year, bringing the total number of stores trading in the new format to 101 out of a total portfolio of 129 stores.
Picture:Moss Bros website