Moss Bros Group plc (LON:MOSB) posted a rise in revenue on Tuesday in its half year results.
Shares in the formal dress wear retailer were up during trading on Tuesday morning.
Moss Bros said that, for the 26 weeks ended 27 July, total group revenue excluding VAT amounted to £65.4 million – 1.4% up on the previous year.
Meanwhile, online sales across all platforms grew by 20% when compared to the same period a year prior. Moss Bros added that online sales from all channels now represents 15% of its total sales.
However, the company added that loss before tax widened to £2.7 million, deeper than the £1.7 million figure recorded for the first half of 2018.
Earlier this year, the company posted a £4.2 million loss for the year in its annual results, blaming warmer weather and a “volatile” trading environment.
Indeed, many retailers have struggled for survival amid the gloomy trading environment to have hit the UK high street.
Moss Bros confirmed that it expects to deliver full year results in line with market expectations.
“Our online sales continue to grow strongly as a result of increased investment in new customer acquisition to our own website www.moss.co.uk and we are also seeing positive momentum of product sold via the Next online marketplace as we expand the product options stocked via that site,” Brian Brick, Chief Executive Officer, commented on the results.
“Growth of online revenues remains central to our future success and has now reached 15% of our total sales,” the Chief Executive Officer continued.
“We are acutely aware of the challenges which we face in our Hire business. We plan to invest in a focused way in updated product to ensure that we remain relevant in terms of product offer. We are also actively investigating what newer and fresher hire or rental services can be offered to address changing customer requirements as soon as Spring next year, whilst ensuring that we maintain our market leading position for customers not simply wishing to purchase their formalwear outright.”
Shares in Moss Bros Group plc (LON:MOSB) were trading at +5.70% as of 08:10 BST Tuesday.
