Moss Bros shares soar 10pc despite “disappointing performance”

Moss Bros shares soar 10pc despite “disappointing performance”

moss bros

Men’s retailer Moss Bros Group (LON:MOSB) reported a 2.4 percent fall in sales in the first 15 weeks of the year, with CEO Brian Brick calling it a “disappointing performance”.

Like-for-like sales for the period slipped 5.2 percent, a slight improvement on the 6.5 percent ran rate seen in March, at which time reported sales had fallen by 4.4 percent.

The results follow a profit warning issued in March that wiped a third off the value of its shares.

“Following a disappointing start to the year, our trading performance has, as anticipated, begun to improve, as a result of our improving stock availability,” chief executive Brian Brick said.

“The wider trading environment, however, remains tough with a fragile consumer environment.”

“We remain conscious of the economic headwinds which we face but will, as described in March, continue to invest in the areas that ensure we leverage our distinct position on the high street.”

 

Shares in Moss Bros (LON:MOSB) are currently up over 10 percent on the news, at 52.53 (0845GMT).