Moss Bros, the men’s formalwear retailer, has announced that its total sales increased 3.3% year-on-year in the first 15 weeks of the financial year, in-line with its expectations.
Figures show that in the weeks leading to 14th May, like-for-like sales grew 5% with retail like-for-like rising 5.1% and hire sales up 4.7%.
Other figures show that online sales were still increasing and were up 9.7% from the previous year and e-commerce sales accounted for 10.7% of total sales.
This year alone, the company has refitted three stores and opened one new store taking the total number of stores trading in the new format to 85 out of 124 stores.
Moss Bros chief executive, Brain Brick, said: "We are pleased with our progress. Retail sales and margins have shown further improvement, boosted by the ongoing improvement in our customer offer and the improvement in our store and online environments.
“The strength of our core offer meant that we were able to trade through the period without running a mid-season sale, which significantly enhanced gross margins in the period. Hire sales continue to show improvement and e-commerce sales in the first 15 weeks of the year have also grown, reflecting our investment in systems and infrastructure.
“This has been another good period of progress for Moss Bros and we remain confident about our growth prospects."
