THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE

Moss Bros warns on profit

Men's formalwear retailer Moss Bros has warned on profit after struggling against problems with availability of stock, challenging hire sales and reduced footfall in its stores.

FASHION

Moss Bros warns on profit

In a statement, the company said it anticipates that profit for the year to 26 January 2019 will be at a “materially lower” level than current market expectations.

Moss said a consolidation of its supplier base in response to Sterling weakness has led to short-term issues regarding the availability of stock.

Brian Brick, chief executive of Moss Bros, explained: "The beginning of the year has been hampered by short term stock delivery issues caused by the consolidation of our supplier base. The resulting stock shortage has undoubtedly driven a significant shortfall in sales, which will continue until late Spring. Although this has been a painful experience, I am confident that the availability issues are well on track to being resolved and the margin benefits from the consolidation will flow through." 

In addition, the company’s hire sales business has faced difficulties although its peak trading period is still to come. As such, Moss said it will remain prudent in its outlook.

Meanwhile, the reduction in store footfall that was experienced towards the latter part of December has continued, reflecting a more cautious consumer environment.

Despite the profit warning, Moss will continue to increase investment in key areas of future growth, particularly ecommerce, product development, the customer experience and its Tailor Me proposition.

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy