// Moss Bros delays the publication of its full-year results
// The results will be released in late July under the government’s new temporary relief measures
Moss Bros has delayed its full-year results from late May until late July under the government’s new temporary relief measures.
The news comes after the menswear retailer warned of the impact of coronavirus earlier this year.
It said the Covid-19 crisis will result in a “significant” reduction in revenue and profitability for the year ending January 30.
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Last month, Moss Bros said it has been monitoring its high street stores, factory outlets, online and hire business segments for signs of any financial impact.
“The group recognises that Covid-19 could result in a sharper decline in trading performance if mass gatherings (such as Ascot) are voluntarily cancelled or prohibited,” Moss Bros said.
Despite the warning, the retailer said it was ”too early to determine the precise quantum” at this stage.
Moss Bros said it had been trading in line with expectations prior to March 13, and is currently debt free.
It added that it is taking precautionary measures to reduce costs and conserve cash in a bid to avoid a reduction in revenue.
Earlier in March, Moss Bros agreed to a takeover bid worth £22.6 million by Crew Clothing owner Menoshi “Michael” Shina.
The deal will also see Moss Bros taken private and the acquisition is expected to be completed in the second quarter of 2020.
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