LONDON (Alliance News) - Moss Bros Group PLC, the London-listed seller of men's suits, on Tuesday increased its dividend, reported an 21% increase in annual pretax profit, and said like-for-like sales continued to improve in the opening nine weeks of its new financial year.
Pretax profit increased to GBP5.8 million in the year ended January 31, from GBP4.8 million one year earlier, Moss Bros said in a statement, as like-for-like sales including value-added tax rose by 8.2% to GBP119 million.
The company increased its total dividend for the year to 5.55 pence per share from 5.25p.
Like-for-like retail sales were up 7.6%, versus a 7.1% increase the prior year. Hire sales increased by 12% versus a 3.6% decrease the prior year, to make up 14% of total sales. E-commerce sales jumped by 36%, accounting for 10% of total sales.
Moss Bros said like-for-like sales including VAT in the first nine weeks of the new financial year were up 5.2%, with growth seen across in-store retail, e-commerce and hire.
Chief Executive Brian Brick said trading has continued in line with company expectations.
"The modernisation of the store portfolio, which is nearing completion, is achieving the anticipated returns and we have well developed plans for the implementation of our multi-channel shopping environment," Brick said in a statement.
Shares in Moss Bros were up 7.3% at 103.00 pence on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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