Moss Bros sales slip in half-year results
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Men’s fashion retailer Moss Bros has reported a 3% decrease in total sales for the 24-week period ended 11 January 2020.
Hire sales, which accounted for just under 8% of group revenue in the period, slumped by 17.7% on a like-for-like basis.
Additionally, total retail sales, including e-commerce and wholesale, comprised over 92% of group revenue during the period, despite being 1.6% lower than last year.
Online sales from its own website and other online marketplaces for the period were down 0.4% on last year. However, online sales comprised 17% of group revenue during the period, up from 16.6% last year.
CEO Brian Brick said: “As I noted at the time of our interim results in September, we are gaining traction across a number of strategic levers which are aligned with our longer-term strategic goals.
“We have seen more intensive discounting from our competitors and a materially lower level of footfall across the high streets and shopping centres of the UK.”
He added: “Despite this, we have resisted discounting pressures, facilitated by our careful buying plans which have meant that we are holding lower levels of terminal stock to clear.
“This has been particularly evident in our high street stores where we were able to focus on delivering our core purpose of styling individuals for on form moments.”
