Latest figures do not suit Moss Bros as sales slide
Moss Bros has warned over profits after hot summer weather and the World Cup “distraction” pushed the menswear retailer to a halfyear loss.
Latest figures show the retailer swung to a pre-tax loss of £1.7 million for the six months to 28 July, having posted a profit of £3.9m in the same period last year.
The retailer said it was knocked by £1.2m in store impairments, in light of a “small number of underperforming stores”, and took a further £800,000 hit amid “reorganisation and employee-related costs”.
It also suffered a 3.3 per cent fall in total group revenue excluding VAT to £64.5m, while like-for-like retail sales, including e-commerce, were down 6.9 per cent.
Moss Bros chief executive Brian Brick said trading performance over the period “was one of the most volatile for many years” – a result he blamed on extreme weather conditions and the World Cup football tournament.