Fuller figures suit Moss Bros

RECOVERY remains on track at menswear retailer Moss Bros, the company confirmed today. The business expected to return to profit in the first half of the current financial year after radical restructuring and the closure and sale of underperforming outlets.

Moss Bros said that like-for-like sales in the first 16 weeks of the current financial year had risen 9% against the same period last year with gross margins up 1%.

The continued recovery is a feather in the cap for chief executive Philip Mountford who has built on the turnaround instituted by his predecessor Adrian Wright. Mountford took over from Wright earlier this year.

The company‘s recovery strategy was adopted after it slipped into the red in 2001. It has since managed to regain market share in the suits market and cut stocks by 10%.

The group also ditched underperforming stores from its 139-strong portfolio of Moss Bros, Cecil Gee and Hugo Boss outlets to strengthen the balance sheet.

Overall, retail selling space was cut by 9% with the closure of five loss-making stores. A refurbishment programme was launched at ten branches to bring in new ranges, with the flagship Hugo Boss store in London's Regent Street re-opening in November. A further 30 stores are set to be revamped this year.

It produced a £1m profit last year, which compared with losses of £2.5m a year before. Turnover was down to £124.1m during the year compared with £128.2m a year ago following an aggressive clearance programme to shift excess stock.