Home Business News Moss Bros books £4.2m losses

Moss Bros books £4.2m losses

by Mark Fitt Political Journalist
26th Mar 19 9:24 am

Moss Bros has announced full year losses as the retailer was hit by stock shortages along with heavy discounting and extreme weather in 2018.

The company booked a £4.2m loss for the 52 weeks to 26 January, compared to £6.7m profit the previous year.

Revenues were down by 2.1% to £129m, like-for-like sales were down by 4.3% as last years hot weather dented the demand for suits and formal wear.

Moss Bros full year figures show like-for-like sales dropped 9.3% however, online sales soared 19.6%.

Brian Brick, chief executive, described the year as “extremely challenging.”

Brick said, “We suffered from a combination of a significant stock shortage and extremes of weather, alongside sporting distraction in the first half, which impacted footfall into our stores.

“Whilst we were able to improve our performance in the second half of the year, this was in part as a result of adopting a more aggressive trading stance in reaction to competitor activity.

“We saw positive sales momentum during the fourth quarter, but as a consequence of deeper discounting, the gross margin rates which we achieved were lower than planned.”

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