Moss H1 retail sales up 1.7 percent

REPORT_ For the first half of the year Moss group like-for-like sales were level to the previous year.

Retail sales were up 1.7 percent. Operating profit was up 5.4 percent. Gross margin from continuing operations was 0.7 percent lower than the first half of 2012. Interim dividend increased 50 percent. Total revenue excluding VAT from continuing operations increased by 1.2 percent compared with the comparative period in 2012. Retail gross margins increased by 0.4 percentage points to 54.3 percent as raw material cost prices moderated and the benefits of direct sourcing came through. Hire gross margins fell by 3.9 percentage points to 85.5 percent, a function of a non-recurring credit in the prior year.

Moss is based in the UK. It is a specialist in men's formal wear. Brian Brick, Chief Executive Officer, said: “These results reflect another period of good progress for the company. Trading improved during the period. Hire, as anticipated, had a difficult first half but we expect an improvement in the second half of the year. The early response to the Autumn/Winter range is positive. ”

Moss plans to launch a number of country specific, local currency websites in the second half to improve targeting of international customers and will introduce CRM in early 2014 which will help it to prioritise and focus its online marketing activities. The group will focus over the next six months on finalising plans to develop and revitalise the brand.