Suits you sir as Moss Bros posts rise in interim sales

0 The group maintained a cautious outlook pointing to ‘tough’ market conditions and wage costs Men’s suit retailer Moss Bros has posted a healthy rise in half-year sales and profits, despite bemoaning a “very tough trading environment”.

Pre-tax profit at the high street firm rose 15.7 per cent to £4.2 million on revenue of £66.6m, up 4.3 per cent.

The group said like-for-like sales rose 2.8 per cent in the six months to 29 July, while comparable retail sales rose 5.1 per cent.

Chief executive Brian Brick said that Moss Bros is operating in “one of the most compet- itive retail environments” the firm has seen.

He added: “We remain acutely aware that market conditions remain tough, with a highly competitive retail landscape set to continue alongside an unpredictable economic back-drop. There are significant cost headwinds, driven by national living wage, the apprenticeship levy and weaker sterling.”

Current trading shows that like-for-like retail sales in the eight weeks to 23 September are up by 3.5 per cent.