Moss Bros reports loss of millions for past year
PUBLISHED: 11:06 26 March 2019 | UPDATED: 11:06 26 March 2019
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A Norwich retailer has swung to a full year loss as it was hit by stock shortages, extreme weather and heavy discounting.
Moss Bros has £4.2 million loss for the 52 weeks to January 26, which compares to a profit of £6.7 million in a year earlier.
The menswear chain has an outlet in the city centre’s White Lion Street.
Revenues were also down 2.1% at £129m and like-for-like sales dropped 4.3% as the hot summer and the World Cup also dented demand for suits.
Brian Brick, chief executive, described the year as “extremely challenging”.
He 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.”