Like-for-likes fall
Menswear retailer Moss Bros has issued a profit warning because of tough trading conditions, but the company has said it remains confident about the future.

Like-for-like sales were down 1.4 per cent for the 49 weeks to January 6, with total sales increasing just 1 per cent.

This compares with a like-for-like decrease of 0.7 per cent and a total sales rise of 1.4 per cent in the 26 weeks to October 12.

The retailer said that pre-tax profit would be lower than last year, even after the inclusion of£1.7 million arising from the planned sale of leases during the current year.

However, the cash balance remains strong and remaining higher than last year, despite the lower-than-expected sales.

The retailer said: 'Despite an unusually difficult year for the menswear market, the management remains confident about the future of the business and is continuing with the expansion and refurbishment strategy announced previously.'

Topics