Moss Bros sees sales improvement

Menswear chain Moss Bros said sales are showing an improved trend

Menswear chain Moss Bros said sales are showing an improved trend after a surge in demand for business suits in the face of job uncertainty.

Moss said like-for-like sales were down 3.9% in the 16 weeks to May 23, but this improved to a fall of 2% in the last 10 weeks of the period.

While overall sales are down, Moss said the number of suits sold rose by 27%.

In March it reported that nervousness in the workplace had prompted consumers to focus their reduced spending power on tailoring, helping the retailer to offset weaker demand for ties, shirts and hire wear.

Brian Brick, who joined as chief executive earlier this year, said: "Our core competency of suit selling remains very strong with our position as the UK's number one branded suit specialist in no doubt."

The retailer, which was founded in 1851, has a total of 155 stores, including its own 101 Moss Bros-branded branches, 19 factory outlets, six Savoy Taylors Guild and the Cecil Gee sites.

It also runs 16 Hugo Boss, two Simon Carter and two Canali stores under franchise.

In March, Moss announced a pre-tax loss of £9.3 million for the 53 weeks to January 31, including exceptional items of £4.3 million.

It also failed to pay a final dividend but shares rose by 10% as investors welcomed the improved trading performance.

Numis Securities analyst Andrew Wade said: "Getting back to profitability is going to be a long haul for Moss Bros and the new chief executive has his work cut out.