UK: Moss Bros lifts profit view after strong Christmas
Men's formal wear specialist Moss Bros Group today (14 January) said it expects its full-year performance to exceed market expectations after trading well during the Christmas period.
Like-for-like sales climbed 2.7% during the 24 weeks to 12 January against the same period the year before. Like-for-like cash gross profit was 9.5% higher than last year.
The company said managing discounts over Christmas and continuing to control costs meant that its profit expectations for the full-year will exceed market expectations.
CEO Brian Brick said: "We are encouraged by trading throughout the business over the key Christmas trading period. Close control over discounting to clear stocks, coupled with continued strong cost management, means we will finish 2012/13 ahead of expectations.
"We remain conscious of the fragile trading environment but continue to rigorously implement our strategic plan to turnaround and grow the business."
MOSS BROS GROUP PLC
Group to exceed market expectations
Moss Bros Group PLC ("the Group"), theUK's No.1 men's formalwearspecialist, today issues the following trading update for the 24 week period from 29 July 2012 to 12 January 2013.
The Group traded well over the Christmas period and as a consequence, the Group expects to exceed market expectations for the 2012/13 financial year.
· Like for like sales for the 24 weeks to 12 January 2013 were up 2.7% on the same period last year.
· Like for like cash gross profit for the 24 weeks to 12 January 2013 was 9.5% ahead of last year.
· Careful management of the level of discounting over Christmas and continued tight cost control have meant that profit expectations for the 2012/13 financial year will exceed market expectations. Stock levels at the year end are expected to be in line with management estimates.
Commenting on the outlook, Brian Brick, Chief Executive Officer, said:
"We are encouraged by trading throughout the business over the key Christmas trading period Close control over discounting to clear stocks, coupled with continued strong cost management, means we will finish 2012/13 ahead of expectations.
We remain conscious of the fragile trading environment but continue to rigorously implement our strategic plan to turnaround and grow the business"
The Group will announce its Preliminary Results on 22 March 2013.
Original source: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11455490
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