MOSB.L Share News (MOSB)

Menswear retailer Moss Bros reported improving trading and said it was on track to achieve expected growth levels, although a subdued wedding market hit outfit hire sales.Moss said its overall trading continued to improve on the prior year, in line with market expectations, in the 16 weeks to May 17th, underpinned by strong retail sales.Total sales for the continuing business in the first 16 weeks of the period increased 5.4% on last year. Like-for-like sales were up 6.3% for the same period.Like-for-like retail sales, including e-commerce, were up 8.5% with the new season's ranges performing well. Hire sales were 3.8% lower reflecting the subdued wedding market.E-commerce retail sales kept rising strongly, up 115% against last year, supported by the ongoing development of the group's new retail website.Moss has speeded up its shop refit programme this year and has revamped seven more stores this year, bringing the total number of new-look shops to 45 out of a total of 135."The new format stores continue to trade ahead of non-refitted stores and are on track to achieve their anticipated payback targets," it said.Chief Executive Brian Brick said hire sales were below last year's levels, although, being 16% of overall group sales, the strong retail performance more than offset the impact of that shortfall."We continue to remain confident about our medium term growth prospects," he said.PW