High street suit seller moss Bros saw another drop in sales in recent months, even as he welcomed the restoration from the problem of having a warehouse that was on his top line.
Sales at stores open over a year rose 5.2 PC in the 15 weeks to 12 may, but the seller said the fall was cushioned in the period after a sharp fall of 6.5 PC in March.
Brian brick, chief Executive, said that trading moss Bros was “beginning to improve” after “disappointing” early in the year, but warned the situation on the high street “is tough with fragile consumer environment”.
Supply troubles forced moss Bros to release its second profit in two months, in March, sending its shares to five-year low and wiping millions of pounds from its stock exchange value.
Analysts peel hunt, its house broker said the upgrade was offered by the seller was “back on track” and that sales were likely to be significantly improved in the last week of term.
Moss Bros stock price
Shares in moss Bros surged up around 13pc to 53, pen in morning trade, but still below the flow 90p, which they ended 2017.
As the proceeds from a costume rental, which is about 12 PCs of moss Bros business fell by 4.9 PC, but analysts at Cantor Fitzgerald assumed they could pick up again as summer weddings, Royal horse racing at Ascot and high school Proms to send buyers through the doors in a few months.
Online sales, which were held back as moss Bros scrambled to improve inventory levels in stores, rose 11pc in the period and currently accounts for about 13pc of the total sales of the company.
Moss Bros has also shown, he started looking for a new Chairman after Debbie Hewitt, who held the position since 2010, told the Council that she plans to resign within the next 12 months.
Mr Brick said: “the group has undergone an incredible transformation since she became Chairman in 2009, and it has played an important role in facilitating the Board in the first days of fracture.”