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 Howard Jacobson: Let’s see the 'criticism' of Israel for what it really is
- 2 Gingers face extinction due to climate change, scientists warn
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Jennifer Lawrence face palms Emma Watson at Christian Dior show in Paris
Gingers face extinction due to climate change, scientists warn
Pamplona Running of the Bulls 2014: Briton critically injured in San Fermin festival
Elephant 'cries' while being rescued after 50 years of abuse in India
Sustained immigration has not harmed Britons' employment, say government advisers
British jihadist calls for 'flag of Islam' over Downing Street and Buckingham Palace
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
There’s a nasty smell in the political air – and it’s coming from the Tories
iJobs Money & Business
£35000 - £40000 per annum + Benefits: Ashdown Group: HR Advisor - 6 Months Fix...
£37000 - £40000 per annum: Ashdown Group: IT Manager - Tolworth, Surrey - £40,...
£55000 - £65000 per annum + excellent package & bonus expectations: Real Staff...
£80000 - £90000 per annum + competitive: Real Staffing: A highly successful Co...