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Moss Bros issues profit warning

Moss Bros has seen like-for-like sales worsen to -5.2% for the first 18 weeks of the second half and has warned that the challenging trading environment is likely to have a materially adverse impact on market expectations for the full year.

Moss Bros sales for the 44 weeks ended November 29 were 3.6% down on a like-for-like basis. Total sales were behind 3.7%.

Year to date retail gross margin is ahead of last year despite pricing pressures.

Moss Bros said action had been taken to materially remove costs from the business and that the full benefit of this would be felt next year.

Moss Bros chief executive Philip Mountford said: “Our sales performance in the last two months reflects the very tough trading conditions in our markets. The business is ever vigilant to opportunities to reduce costs and maximise cash flow and proactively take steps to drive sales in what we expect to continue to be a challenging retail market.”

On Friday, menswear supplier Simon Berwin and a consortium of investors purchased Sir Philip Green’s 28% stake in Moss Bros. The Berwin consortium now holds a 29.9% share of the menswear chain.

Moss Bros is already on pre-Christmas Sale.

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