Driven by robust sales performance in the Christmas shopping season, UK’s leading formal menswear company Moss Bros Group Plc. witnessed a strong end to the year as trading accelerated.
The company, which is a specialist in selling formal menswear such as suits, shirts, coats, formal/casual jackets, ties, shoes and accessories, reported a 12.9 per cent rise in like for like sales in the five weeks to 11 January 2014 from the same period a year ago.
The company witnessed improved sales performance over the Christmas period, when consumer spending tends to be at its peak as consumers bolster purchases during the holiday shopping and festive season.
At the same time, a pickup in Britain’s economy has also boosted consumer sentiment, aiding in the sales growth of the country’s apparel and fashion industry.
The company witnessed a 7.3 per cent rise in like for like sales in the 24 weeks ended 11 January 2014 from the same period a year ago.
The acceleration in sales performance in the Christmas period also boosted the company’s profitability as cash gross profit rose by 5.6 per cent in the 24 weeks to 11 January 2014 from last year.
Tight cost control has also aided the profitability of Moss Bros Group Plc.
The company is positive over the future outlook as it expects its annual 2013-14 profit to surpass market expectations following acceleration in sales at the end of the year, aided by tight control over costs and robust stock clearance.