Stylish figures from Moss Bros
Tuesday 11 April 1995
The trend in formal wear triggered by the film Four Weddings and a Funeral, and the death of the "grunge" style of sloppy dressing, have driven profits to record levels at Moss Bros, the high street retailer.
The buoyant performance in all divisions, which include Cecil Gee, Savoy Taylors Guild and The Suit Company, pushed Moss Bros shares up 10 per cent to 384p.
"People are dressing up a bit more and the grunge thing seems to have disappeared fairly quickly," Roland Gee, Moss Bros managing director, said.
The company has also benefited from increased university business, by offering special discounts to students for social events.
Moss Bros opened 11 stores last year and plans to open a further 10 this year. So far the company has hire departments in 90 of its 111 outlets. It has £19.5m cash at the bank but Mr Gee said an acquisition was unlikely.
"We're not interested in turning somebody else's failed brand around. That path is littered with failures," he said.
The Four Weddings factor helped to push pre-tax profits up by 81 per cent to £7.39m in the year to 28 January on sales 14 per cent higher at £71.1m.
Stripping out turnover from new stores, like-for-like sales increased by 11.3 per cent. The company now claims 7 per cent of the UK suit market, up from around 3.5 per cent five years ago.
According to Mr Gee, about 5,000 menswear shops have disappeared in the past three to five years.
"Most men like some advice when they buy a suit, and so we make sure we offer good in-store service.
"It is not just about cash 'n' wrap," he said.
The dividend was increased from 7p to 12p.
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
- 3 Lego breaks out of the toy box and heads for the gallery
- 4 Julian Assange and Edward Snowden join piracy mogul Kim Dotcom’s political campaign in New Zealand
- 5 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
Jihadi John': MI5 may have identified Isis militant who killed David Haines but options limited
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: Police will be on high alert on Friday whatever the result
David Haines beheading: David Cameron says Britain will hunt down Isis 'monsters' shown in video murdering aid worker
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
Salmond accused of laughing off national debt with ‘what are they going to do: invade?’ joke
iJobs Money & Business
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
£35000 - £38000 per annum + Benefits: Ashdown Group: Training Coordinator / Pl...
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£400 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...