15 Dec 2011 07:00
For immediate release 15 December 2011
MOSS BROS GROUP PLC
INTERIM MANAGEMENT STATEMENT - CONTINUED GROWTH
Release - 15 December 2011 @ 07.00 am
Moss Bros Group PLC ("the Group"), the UK'S No I Branded Suit Specialist, today issues its Interim Management Statement for the 19 week period from 31 July 2011 to 10 December 2011.
The Group has continued to trade well, in line with market expectations and is on course to deliver the anticipated levels of growth.
Highlights:
·; Like for like sales for the first 19 weeks of the second half continued strongly and, although now against tougher comparatives, were 10.5% up on last year.
·; Like for like sales for the 45 weeks to 10 December were 13.4% ahead of last year.
·; Total sales for the 45 weeks to 10 December were 18.5% ahead of last year.
·; Like for like cash gross profit was 7.9% ahead of last year in the 19 weeks to 10 December, despite the tough trading environment and increases in raw material cost prices.
·; Costs continue to be tightly managed.
·; The group has maintained a healthy cash balance during the period with the remaining proceeds of £12.3m from the Hugo Boss disposal, dependant on assignment of leases, all now received.
·; Our first 'new format' Moss pilot store which opened in Canary Wharf in May, continues to trade well and has been followed by further successful new format openings in recent weeks in Liffey Valley, Meadowhall and Bluewater, all incorporating the three core fascias of Hire, Retail and Bespoke. A number of test refits of existing stores are planned for early 2012, to assess the potential for further rollout across the estate.
The business continues to make good progress in tough market conditions but the Board is mindful of the uncertain macro-economic environment and its impact on consumer spending. Nevertheless, the Board remains confident in the outlook for the full year.
Commenting on the outlook, Brian Brick, Chief Executive Officer, said:
"We are encouraged by the sales momentum throughout the business which has continued into this year, despite tougher comparatives.
The simplification of the business model, following the disposal of the Boss franchise stores and Cecil Gee stores, has enabled us to focus on the strengths of the core Moss brand. Selective refurbishment of our stores will allow us to leverage specific geographical areas of growth where our offer is strong and the returns compelling. We also continue to make good progress with our plans to implement our e-commerce offering and to explore ways of leveraging our customer data.
We enter this important trading period in good shape but ever mindful of the fragile nature of consumer confidence and we continue to develop the business, whilst managing it to reflect these conditions. The Board remains confident in the outlook for the full year."
The Group will announce its Preliminary Results on 29th March 2012.
For further information please contact:
Moss Bros Group Plc: 0207 447 7251
Debbie Hewitt, Chairman
Brian Brick, Chief Executive Officer
Robin Piggott, Group Finance Director
Buchanan: 0207 466 5000
Charles Ryland/Nicola Cronk/Gabriella Clinkard