1 Dec 2008 12:04
Moss Bros Group Plc
Interim Management Statement
Release - 1 December 2008 @ 12.00 noon
Sales for the 44 weeks to 29 November are behind 3.6% on a like for like basis
Total sales in the period are behind 3.7%
Sales for the 18 weeks of the second half of the financial year to January 2009 are behind 5.2% on a like for like basis
Year to date retail gross margin is ahead of last year despite pricing pressures
Key Christmas trading period still to come
The challenging current trading environment is likely to have a materially adverse impact on market expectations for the full year
Business has maintained a strong average cash balance
Actions have been taken to materially remove costs from the business, the full effect of which will come through next year
Philip Mountford, Chief Executive, said:
"Our sales performance in the last two months reflects the very tough trading conditions in our markets. The business is ever vigilant to opportunities to reduce costs and maximise cash flow and proactively take steps to drive sales in what we expect to continue to be a challenging retail market."
Enquiries:
Moss Bros Group Plc: 0207 447 7239
Philip Mountford, Chief Executive
Michael Hitchcock, Finance Director
Buchanan Communications: 0207 466 5000
Charles Ryland