Suit hire company, Moss Bros, have reported very encouraging half year figures which show they are back in the black following a poor performance last year.
The national suit rental provider have published expected profits of £2.2 million in their half year report, which is great news for the company as like for like sales from this time last year revealed the company was making a loss of £2.8 million. The picture for 2011 is looking considerably brighter as sales are up at Moss Bros by 15.4% and revenue up by £40 million.
Going into the later part of the year, Moss Bros are upbeat about their continued growth as they have reported receiving a very encouraging response from their customers towards their recently unveiled Autumn/Winter range.
Moss Boss also received a boost as a result of the sale of its Hugo Boss franchise and eight Cecil Gee stores which netted the business £19.8 million.
Another innovation which has helped raise the company’s profile is the launch of their new store in Canary Wharf which brings together the suit hire, retail and bespoke businesses all in one place.
The pre-tax profit reports have been taken onboard by analysts who have upgraded their predicted end of year profits for the business after the figures were published by Moss Bros. The statistics signal good news for the business, which demonstrates that their strategies put in place to help turnaround the company last year are starting to bear fruition.