REPORT_ The men’s wear retailer Moss Bros announced a pre-tax profit of 4.4 million pounds (7.2 million dollars) in the year to January 25, 2014, up from 3.1 million pounds (5.1 million dollars) the year before. Group like-for-like sales increased 4.2 percent with like-for-like retail salesincreasing 6.4 percent. However, like-for-like sales in its hire business dropped 6.4 percent. Companyu’s EBITDA increased 16.5 percent driven by improved sales.
Online sales touched increase of 209 percent during the year and now make up 5.1 percent of total sales. During the year 13 stores were revamped as part of an ongoing refit plan and the business also adopted Moss Bros as its “master brand” with plans to realign its sub-brands for autumn 14.
Sales in the first eight weeks of the new financial year to March 22 were up 7.3 percent and like-for-like gross profit was up 6.4 percent. Commenting on the results, Chief Executive Brian Brick said, “Moss Bros has entered the new financial year with a strong balance sheet,” adding, “The ongoing cash generation of the business will support the continued investment in store refits and develop our multichannel capability.”
However like-for-likes at Moss Bros’ hire division fell 6.4 percent as a result of a difficult market in wedding outfits. Hire, having had a difficult 2013 for wedding-related hire, is showing some signs of recovery and company expects to increase revenues in the 2014 wedding season.