Moss Bros has issued a profit warning, blaming a reduction in footfall and a consolidation of its supplier base following the weakness in sterling.

The retailer now believes that profit will be “materially lower” than expected for the year to January 26, 2019.

It blamed the warning on a reduction in footfall that began in late December and has continued, and a consolidation in its supplier base due to the weakness in sterling.

That consolidation resulted in short-term issues with stock availability, which affected sales across all channels and which the retailer believes will continue to do so until late spring.

The formalwear retailer added that trading in hire sales continued to be difficult, but peak trading was still to come and so it “remained prudent” in its outlook.

Moss Bros, which has reported rising sales and profits in recent years, said it did not anticipate any changes to previous expectations for its last full-year, ending January 27, which it will report on March 27.