Moss Bros, a well-known expert in men’s tailoring, has released its latest half-year report, showcasing a positive uptick in sales figures for the 26-week period ending on July 27. Despite facing various challenges in recent times, Moss Bros managed to achieve a 0.6% growth in like-for-like sales at its physical stores, demonstrating resilience and adaptability in a tough market.
In terms of financial performance, the company saw a 1.4% increase in total group revenue (excluding VAT), reaching a total of £65.4 million compared to the previous year. The retail sales, including e-commerce, experienced a robust 2.9% growth, with traditional brick-and-mortar stores playing a significant role in this positive trend. Moss Bros also reported a notable surge in online sales, which increased by 20% across all platforms and now make up 15% of the company’s total revenue.
While the company experienced a decline in its suit hiring business for special occasions, with a 14% decrease in this segment, Moss Bros remains upbeat about its strategic investments in product innovation, customer acquisition, and enhancing the overall in-store experience. These efforts have translated into positive outcomes for the retail division.
Despite challenges such as dwindling foot traffic, Moss Bros has taken proactive steps to negotiate rent agreements with property owners to ensure store occupancy costs are in line with current market conditions. Furthermore, Moss Bros’ Tailor Me bespoke tailoring service registered a robust growth of 48% in order numbers during the first half, underscoring the company’s commitment to delivering personalized services to its clientele.
Looking ahead, Moss Bros has indicated that its current trading results reflect a strategic shift towards maximizing full-price sales, signaling a favorable trend with reduced clearance requirements for old season stock. As the company continues to navigate a turbulent retail landscape, its focus on innovation, customer experience, and online expansion positions it well for sustained growth in the future.
In conclusion, Moss Bros’ ability to adapt to evolving market dynamics and its dedication to elevating customer engagement present a promising outlook for the brand amidst the competitive retail environment.
To learn more about Moss Bros’ latest offerings and services, visit their official website here. For insights into the latest trends in men’s fashion and tailoring, check out this informative article here.
