Moss Bros hasn’t had an easy time of it lately but while that meant we might have expected further pain in what has been a very difficult season for the fashion sector, its trading update on Friday wasn’t that bad.
Menswear specialist Greenwoods has become the latest traditional retailer to go under as UK fashion retail goes through a transformational phase and also deals with the impact of the forthcoming Brexit.
Struggling Mothercare said Friday that its company voluntary arrangement (CVA) proposals for certain of its subsidiaries had been approved by its creditors. The shares rose despite the firm dropping out of the FTSE100.
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.