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.

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.

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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