UK’s Moss Bros posts 44% rise in pre-tax profit

By

Barbara Santamaria

Published
Sep 30, 2015

The British suit specialist enjoyed a positive performance in the first half year of 2015, as sales grew 9.7% on a like for like basis during 1 February to 1 August 2015. The company also posted this Tuesday a 10% rise in total sales to £61.3 million.

Thanks to a strong demand in wedding attire, the Moss Boss Group, which retails and hires formal wear and fashion products for men, saw pre-tax profits surge to £2.8 million, up 44% from £2.0 million in the first half-year of 2014.

The British retailer, whose online sales grew 59% on last year, also benefited from a 9.8% rise in like for like hire sales. Retail gross margin was up 1.4% due to improved sell through rates and more targeted promotional activity, said the company in a report.

Brian Brick, CEO of Bross Mos, said: “The successful launch of our new Moss Bros sub brand line up at the start of the Autumn 2014 season, in conjunction with our ongoing store refit programme, has ensured our customer offer is now more closely defined and aligned with our target customer groups, and is steadily building equity in the Moss Bros brand.”

To modernise its store portfolio Bross Moss completed 11 further stores in the first half of 2015, with 74 new and refitted stores now trading in the new format.

The company also said it is currently evaluating opportunities for international growth, as it prepares for the launch of a two store pilot in the Middle East. Managed through a franchise partner, the first store of the expansion project is due to open later this year.