Moss Bros (MOSB)

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Moss Bros MOSB Logo

Engaged in retailing and hiring formal wear for men.

10-Jan-2018 – 90p – £90.7m – PER 15.4

Trading Update For The 23 Week Period From 30-Jul-2017 To 6-Jan-2018 – Lower footfall during December means full year PBT will be in the range of £6.5m to £6.8m (slightly below current market expectations). Challenging conditions mean profits for next year will also likely be impacted.

Will stay away for now but keep an eye out for updates. ROCE is healthy and there’s still plenty of Cash (about 20% of Mkt Cap). The yield is great (circa 6%+) but not exactly well covered (but there’s loads of Cash so maybe it will be maintained!).

21-Mar-2018 – 58.6p – £59.1m – PER 12.0

Trading Update For The 52 Weeks To 26 January 2018 – Ouch – 2019 Profit to be materially lowerthan current market expectations, 2018 to be in-line with expectations.

With that useful Dividend now also being (rightly) cut this is on my Avoid list for now.

27-Mar-2018 – 46.75p – £44.9m – PER 11.5

Preliminary Results For The 52 Weeks To 27 January 2018 – As expected here, not particularly good results and confirmation that 2019 will be no better.

Remains on my Avoid list for now.

16-May-2018 – 47.05p – £47.4m – PER 22.6

Trading Update For The 15 Weeks 28 January 2018 To 12 May 2018 – Trading has improved since the last update (in March) but Sales are still down.

Leaving this on my Avoid list for now.

11-Jan-2019 – 26.2p – £26.41m – PER 18.2

Trading Update For The 23 Weeks To 5th January 2019 – Revenue up 0.6% YoY (margins down), ecommerce up 27.8% YoY (16.2% of Revenue) but pyhsical down. Expects FY to be in-line, an Adjusted Loss of -£0.6m. Cash down from £17.5m to £10m. Expects conditions to remain challenging.

Going to switch this from my Avoid list to Neutral. Will be interesting enough to keep an eye out on that on-line growth as the brand may be strong enough to become the leader there, perhaps!

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