MOSB.L Share News (MOSB)

Men's outfitter Moss Bros blamed lower wedding business for a drop-off in summer hire sales, but said overall sales were looking up.Moss Bros said hire bookings for the 2014 wedding season were behind last year's levels, although the average price achieved on hire continued to improve due to the launch of new premium products such as a Ted Baker morning suit.It said, however, that the decline in hire moderated in the second quarter and it expects more improvement in the second half of the year as demand switches from wedding outfits to evening wear.Like-for-like sales in the 26 weeks to 26 July increased 6.4% and total sales of £55.8m rose 4.6% versus last year.Like-for-like retail sales lifted 8.5% and e-commerce sales doubled, making up just under 7% of group sales. Like-for-like hire sales fell 2.7%, better than the 3.8% reduction reported in the first 16 weeks of the half year.Pre-tax profit was marginally lower as expected at £2m from £2.2m last year and operating profit dropped to £1.9m from £2.2m due to the higher number of stores closed for refit in the first half compared to the previous year.The group increased its interim dividend to 1.7p per share from 0.3p a year ago.With Moss Bros as the master brand, the company launched a new range of sub-brands for autumn 2014 including Moss London, Moss 1851 and Moss Esquire.It refitted nine stores in the first half against four in the first half of 2013, resulting in 49 of 133 stores being refurbished.In the seven weeks to 13 September, like-for-like sales rose 6% and the group said it was trading in line with its hopes.Chief executive Brian Brick said: "These results reflect another period of progress for the company. The early response to the autumn/winter retail range is positive, with like-for-like sales continuing to improve year-on-year."The group's financial performance continues positively and in line with the board's expectations for the year."Shares rose 1.75p to 92.5p at 09:19 in London.