UK: Moss Bros Slashes H1 Loss, Sees FY Profit
The company reported a pre-tax loss for the 26 weeks ended July 26 of £1.8 million versus a loss of £3.8m last year, although sales slipped three per cent year-on-year to £58.4m.
It added same-store sales rose three per cent while gross margins jumped 11 per cent from last year with its performance boosted by a better product mix and strong demand for suits.
"The recovery plan for the company remains on track," said chief executive Adrian Wright.
"Our customers are responding well to a stronger product offer, the margin growth is particularly encouraging and reflects improvement in range selection together with a better managed buy."
He added sales in the first 10 weeks of the current half fell six per cent from 2002 although sales of new season stock rose six per cent and gross margins seven per cent from the year-ago period.
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