Moss Bros like for likes down
LFL sales for the first 19 weeks of the year to 7 June are lower by 1.5 per cent.
The group said that average daily cash balances are 10 per cent higher than the same period last year. Total stock balances are down 10 per cent, and stock over six months old are down 41 per cent.
Philip Mountford, Chief Executive, said: ‘The men’s retail market continues to be extremely challenging but management believes the business is well set up to navigate this difficult period. As the UK’s No 1 branded suit specialist with a wide range of fashionable suit collections, we are well differentiated from our competitors. With the distraction of a potential takeover bid now removed management’s attention and energy will be re-focused on driving the business through the short term as well as concentrating on implementing our 3 year strategic plan, to re-invest in our current portfolio, grow the core Moss chain and develop our Asian supply chain.’
