Moss Bros expects to beat annual forecasts
Formal wear specialist Moss Bros said it now expects to exceed market expectations for the 2012/13 financial year after strong Christmas trading.
Formal wear specialist Moss Bros said it now expects to exceed market expectations for the 2012/13 financial year after strong Christmas trading.
Like for like sales for the 24 weeks to January 12th 2013 climbed 2.7% on the same period last year.
Like for like cash gross profit for the period rose 9.5% from last year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Moss Bros said careful management of the level of discounting over Christmas and continued tight cost control boosted company profit.
Stock levels at the year-end are expected to be in line with management estimates, it added.
Chief Executive Officer Brian Brick commented: "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."
CJ
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
8 of the best houses for sale with libraries
This week: the best houses for sale with libraries – from a five-storey Georgian townhouse in Bloomsbury, London, to a 15th-century property with a library in a medieval tower in Lozère, France
By Natasha Langan Published
-
Investors pull money from UK equities as government warns of “painful” Budget
The government’s post-election honeymoon period has been short-lived, and investors are shying away from UK equities as a result
By Katie Williams Published