Moss Bros sales rose but its profits fell in its latest year and its previously-flagged supply issues have dented the start of its new year too. But it says the prospects are brighter, despite a profits warning.
Moss Bros has seen a perfect storm of problems. Its supplier consolidation has backfired in the short term causing stock shortages, while bad weather and consumer caution have hurt turnover and led to a profit warning.
As the UK gets ready for a spate of trading updates, it seems that the week before Christmas saw a late shopping surge with fashion sales rising year-on-year, but it's unlikely to have rescued an otherwise weak season.
French Connection had some good news on Tuesday with an improving performance and Veryexclusive's Sarah Curran joining the board. But its turnaround is still far from certain as losses continue and sales are still down.
Moss Bros had good reason to feel pleased on Friday as the company reported higher sales in the 15 weeks to May 13. Against a backdrop of a tough clothing market it saw strong retail sales and a 14.7% e-tail rise.
Menswear specialist Moss Bros had a good 12 months in the period to January 28, even though it faced one of the "most highly competitive" years it has seen. Sales growth slowed but profits and m-commerce accelerated.