LONDON (Alliance News) - Men's suit retailer Moss Bros Group PLC said Wednesday its trading performance has improved since its update in March, driven by its retail business as its long-standing chair, Debbie Hewitt, announced she intends to retire sometime before May 2019.
Overall trading had "improved" with sales over the first 15 weeks falling 2.4% year on year on a reported basis and 5.2% on a like-for-like basis. This is compared to the 4.4% reported sales fall and 6.5% like-for-like decline announced in late March.
This was in part driven by a sharp rise in e-commerce growth to 11% from 4.0% reported in March. E-commerce sales now comprise 13% of Moss Bros total.
Performance was helped by a moderating fall in like-for-like retail sales. Retail sales fell just 5.2% compared to 6.7% in March. Hire sales, however, remained flat on March's update at a 4.9% decline.
"Following a disappointing start to the year, our trading performance has, as anticipated, begun to improve, as a result of our improving stock availability," Moss Bros Chief Executive Officer Brian Brick said. "The wider trading environment however remains tough with a fragile consumer environment."
"We remain conscious of the economic headwinds which we face but will, as described in March, continue to invest in the areas that ensure we leverage our distinct position on the high street," Brick added.
"We will shortly enter a key period of our trading year, with wedding season, school proms and Ascot," Brick continued. "We are well placed with our core offer and levels of stock availability to maximise our share of our customers' spend."
Moss Bros said on Wednesday that Hewitt - who is also chair of Restaurant Group PLC - intends to retire as chair sometime prior to Moss Bros's annual general meeting on May 15, 2019. Over the next year, Moss Bros explained, it will undertake a search for her successor.
"Debbie is a talented chairman, who has built and led a high quality, diverse board, with a strong sense of purpose," Moss Bros Chief Executive Officer Brian Brick said. "The group has undergone an incredible transformation since she became chairman in 2009, and she has played an important role in galvanising the board through the early days of the turnaround and in providing the board leadership to create and drive our strategic agenda. She is a proactive chairman, who has continued to engage all stakeholders in the company's strategy throughout her tenure."
Shares in Moss Bros were 12% higher at 52.85 pence on Wednesday.
