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High Street

Moss Bros H1 sales dragged down by hire business

Menswear retailer Moss Bros has posted a marginal 1.4% increase in total group revenue to £65.4m for the 26 weeks ended 27 July 2019.

Sales were dragged by the retailer’s hire business, which fell by 14.7% on a like-for-like basis and represented only 10.7% of total sales in the half, compared with 12.3% in 2018. Despite this, like-for-like retail sales were up 2.9% and store like-for-like sales up 0.6%.

The group also posted losses before tax of £2.7m, following a £1.1m impact from IFRS 16 and adjusted items of £1.6m. However, online sales across all platforms grew 20% compared with the same period last year, and e-commerce sales from all channels now represents 15% of total sales, compared with 12.7% last year.

CEO Brian Brick said: “Reflecting on our first half performance, it feels that we are gaining traction in a number of areas. The return to growth of our stores is extremely important to us and we will continue to focus on maintaining this trend.

“The growth which we have seen in stores is set against a backdrop of lower footfall in our stores than last year in most locations in which we operate.”

He added: “Our conversations with our landlords are active and ongoing to ensure that we can align our store occupancy costs with the lower footfall which we experience, whilst continuing to offer store-centric services such as Tailor Me, our custom made suiting proposition, which continues to go from strength to strength.”

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