28 May 2010 07:00
Interim Management Statement
Release - 28 May 2010 @ 07.00 am
Moss Bros Group plc, the UK's leading suit specialist, today provides its Interim Management Statement for the 16 week period from 31 January 2010 to 22 May 2010.
·; Total sales for the first 16 weeks continued to perform strongly and were 12% up on last year. Like for like sales were 12.6% ahead for the same period. Performance comparison with last year will become more challenging in the second half due to the improving trend that was evident in the second half of 2009/10.
·; As budgeted, average gross profit margin percentage for the period was 2.7% below last year, but the impact of a strong sales performance lifted total gross profit ahead of last year.
·; The Group continues to manage its day to day capital requirements through a surplus cash balance. Our £5m banking facility has been renewed until 31st May 2011.
·; The business continues to make good progress in tough market conditions, but the Board is mindful of the macro-economic environment and its impact on consumer spending. We therefore remain cautious about the outlook for the year ahead but confident of our long term growth prospects.
Commenting on the outlook, Brian Brick, Chief Executive Officer, said:
"We are pleased with the sales momentum which has continued into this year. We remain cautious about the economic environment, but we continue to develop and strengthen our product offering and the presentation of our stores, as well as focusing on the quality of customer service. We believe we are well placed to leverage our strengths and remain confident about our long term growth prospects".
The Group expects to announce Interim Results on 29 September 2010.
For further information please contact:
Moss Bros Group Plc: 0207 447 7200
Debbie Hewitt, Chairman
Brian Brick, Chief Executive Officer
Bryan Portman, Interim Chief Financial Officer
Buchanan Communications: 0207 466 5000
Charles Ryland/Nicola Cronk /George Prassas