21 September 2012 12:24
Britain's summer of major events such as the Olympic Games impacted on Moss Bros today after the suit specialist missed out on nearly £2 million of hire business in its half-year results.
The group said that events such as the Queen's Diamond Jubilee and the London 2012 Games resulted in more weddings being deferred to the second half of it's financial year.
It expects to recoup the lost income in the current period, but in the meantime it reported profits from continuing operations for the six months to July 28 of £2.2 million, unchanged on a year earlier.
The company added that early indications from four stores subject to refurbishment work during the first half have been "encouraging" and a further 12 outlets are due to be refitted in the second half as part of a drive targeting 90 sites over five years.
Moss said trading in the seven weeks to September 15th has been encouraging, albeit with slower like-for-like sales growth than the 5.7% rise seen in the first half.
Chief executive Brian Brick said: "These results reflect another period of progress for the company. The group has traded well across both hire and retail in the first six months of the year."
Moss recently sold its Cecil Gee and Hugo Boss stores in order to focus on improving its core business.
The company said it continued to develop its internet business, with online sales growing by 42% in the half year. A new retail website will go live before Christmas and a hire website is due to be launched early next year, whilst it is also evaluating whether to sell its products through third-party sites.