Moss Bros sees decline in sales
Moss Bros Group says its expects its full year operating profits to be considerably lower than expected following a disappointing first half. Its total revenues for the six months to 28 July came in at £64.5 million, 3.3 per cent less than the previous year. Hire sales were 7.8 per cent lower.
The business said that its first quarter was impacted by stock shortages related to supply chain issues and that the hot summer and the World Cup had impacted footfall in its stores. During the year it had opened two new stores and refurbished three others.
Group CEO Brian Brick commented: "We have reviewed our expectations for the second half of the year despite having a number of key trading weeks still ahead of us and whilst short-term cost cutting would make us more certain of mitigating the footfall related gross profit shortfall and therefore hitting the market's expectations, we feel it would be detrimental to the long term health of the business. As such we have taken the decision to continue to invest and to deliver profit lower than expectations."
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