Moss Boss reports 9% increase in profits |
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Thu, 13 Apr 2006 16:15
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LONDON: Menswear retailer Moss Bros Group said it has a 9 per cent increase in profits for the year ended 28 January, while its total like-for-like sales registered an increase of 2.5 per cent.
The firm, which owns the Cecil Gee brand and is a franchisee for the Hugo Boss, said pretax profit rose to 6.2 million pounds during the year compared with 5.7 million pounds in the previous year. Higher rents, rates and utility bills drove total costs up by 2.5 per cent, though this could have been higher still.
During the 10 weeks of the current fiscal, sales have grown 2 per cent.
The company said in a statement that the management has taken the company through a tough, competitive and challenging period, and that it is now well positioned to take it further forward by means of a targeted expansion strategy. It has a cash balance of 17.7 million pounds at the end of the year, which is 7 per cent up on the year.
The company has been enlisting more and more suppliers from cheaper sources in Eastern Europe and Asia, which has helped it to contain costs to a certain extent. It is planning to expand its mainstream business, which includes its core Moss Bros chain and formal wear hire service, and increase the number of stores to around 200 from the current 118.
The company has proposed a full year dividend up 20 per cent to 1.8 pence. Moss Bros Group shares were at 81-1/4 pence valuing the company at around 76 million pounds.
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