Moss Bros sunk by men who won’t buy their suits online

A STARK profit warning by suit maker Moss Bros sent shares plunging as much as 22pc.

The chain was hammered as analysts predicted its drop in sales was because it was reliant on customers coming into its shops, as men are reluctant to buy suits online.

Retail expert Nick Bubb said: ‘Any overall decline in trips to the High Street is bad for Moss Bros.’ The company is also operating in a highly competitive market, with rivals like Next, M&S and Topman, Bubb added.

Moss said fewer people visited stores over Christmas than expected, forcing it to cut profit expectations for the full-year to £6.5m-£6.8m. Retail sales were broadly flat at Moss in the 23 weeks to January 6, while demand for suit hire dropped by 3.6pc.

Brian Brick, chief executive of Moss Bros, said: ‘We faced a very tough December trading environment, which led to a significant reduction in store footfall and a hardening of the corresponding competitive environment.

‘This is all the more frustrating given that we have continued to make progress with like for like retail and online sales and our hire proposition.’ Shares were 16pc lower at 75.6p.

Sales at Shoe Zone fell 1pc to £157.8m in the year to September 30 due to planned store closures. Profit fell to £9.5m, from £10.3m.