29 May 2009 07:00
Moss Bros Group Plc
The UK's No.1 branded suit specialist
Interim Management Statement
Like for like sales for the 16 weeks to 23 May were down 3.9% .
Total sales for the first 16 weeks were down 2.3%.
Sales have been continually improving with like for like sales behind 2.0% for the last 10 weeks.
Year to date retail gross margin is 50 basis points ahead of last year leaving year to date total gross profit behind 1.4%.
The business is prepared for the very challenging current trading environment to continue through the remainder of the year.
The Group has maintained a positive average daily cash balance through tight working capital management and diligent cost control.
Commenting on the outlook, Brian Brick, Chief Executive Officer, said:
"Our core competency of suit selling remains very strong (suit units ahead 27%) with our position as the UK's No.1 branded suit specialist in no doubt. We continue to operate and manage the business in the manner befitting the current environment and the more I work with the management team the more opportunities I can see for this business in the future."
For further information please contact:
Moss Bros Group Plc: 0207 447 7251
David Adams, Chairman
Brian Brick, Chief Executive Officer
Michael Hitchcock, Finance Director
Buchanan Communications: 0207 466 5000
Charles Ryland/Ben Romney /Miranda Higham