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13 Jun 2008 07:00
Moss Bros Group Plc
Interim Management Statement
Release - 13 June 2008 @ 7.00 am
LFL sales for the first 19 weeks of the year to 7 June are lower by 1.5 %.
Working capital continues to be managed very tightly.
Average daily cash balances 10% higher than the same period last year.
Total stock balances down 10%.
Stock over six months old down 41%.
Following earlier management actions and ongoing initiatives, the business is well placed to both limit any further downside from a continuing volatile environment, and take full advantage of any improvement.
The Board is now declaring a special dividend of 1.3 pence per share which will be paid on the 28 July 2008 with a record date of 27 June 2008.
Philip Mountford, Chief Executive, said:
"The men's retail market continues to be extremely challenging but management believes the business is well set up to navigate this difficult period. As the UK's No 1 branded suit specialist with a wide range of fashionable suit collections, we are well differentiated from our competitors.
With the distraction of a potential takeover bid now removed management's attention and energy will be re-focused on driving the business through the short term as well as concentrating on implementing our 3 year strategic plan, to re-invest in our current portfolio, grow the core Moss chain and develop our Asian supply chain."
Enquiries:
Moss Bros Group Plc: 0207 4477239
Philip Mountford, Chief Executive
Michael Hitchcock, Finance Director
Tulchan Communications: 0207 353 4200
Andrew Honnor
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