Home Business News Moss Bros shares fall sharply after profit warning

Moss Bros shares fall sharply after profit warning

by LLB Reporter
21st Sep 18 10:41 am

Shares in Moss Bros fell almost 29 per cent — a record low–in early trading today after the group warned that its full-year profit would take a substantial hit as hot weather and the World Cup kept shoppers away from stores.

The company added: “As the extended period of hot weather arrived, coupled with the distraction of England’s success at the World Cup, customer footfall reduced in Q2 on average by -7% year on year and in the worst affected stores by up to -14%.”

Revenues for the six months fell by 3.3 per cent to £64.5m.

“Menswear was specifically impacted negatively by the combination and longevity of these two external factors,” Moss Bros’ Chief Executive Brian Brick further told media.

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