Broker snap: Impressive first quarter from Moss

Broker finnCap says that Moss Bros has the "financial firepower' to withstand a challenging market and to develop its brand format.While the menswear retailer faced tough comparatives in the first quarter with the first 16 weeks of last year showing a like-for-like (LfL) sales growth of 12.6% (this included the recently-offloaded Hugo Boss franchised stores)."Seen in that context, this morning's trading update is impressive. LfL sales for the 15 weeks to 14 May are 8.2% ahead of the equivalent period. Total sales are 12.9% ahead," said analyst David Stoddart.With a improving gross margin and strong cash position, the broker retains its 'buy' recommendation, but raises the target price from 46.7p to 64.9p.---BC