Men’s formalwear retailer Moss Bros has reported a full year adjusted loss before tax of £0.4 million compared to a profit of £6.7 million in the previous year. In the year to 26 January, total revenue was down 2.1% year-on-year to £129 million. In addition, group like-for-like sales dropped by 4.3% as retail like-for-likes fell by 3.6% and hire like-for-likes declined by 9.3%.
The retailer said it had been a challenging year with the first half affected by early season stock shortages. In addition, footfall was down due to a combination of abnormally cold and then hot weather in the period, and sporting events such as the World Cup. Moss fared better in the second half as customers responded well to deeper discounting, although this impacted gross profit.
Brian Brick, Moss chief executive, said: “It has been an extremely challenging year for the business on many fronts, but I am confident that we have made significant progress in a number of areas of the business. However, it is disappointing to be reporting an adjusted loss before tax for the group for the first time since 2010/11.
