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
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
