// Moss Bros forecasts another full-year loss as discounts take toll
// It expects full-year adjusted pre-tax loss of about £1m. Last year it posted a £4.2m loss
// Meanwhile sales in the second half period ending January 11 were 3% lower than last year
Moss Bros has warned that it expects to post another year of loss after heavy discounting failed to deliver positive sales growth in its second half.
The menswear retailer said sales for the 24 week-period ending January 11 fell three per cent year-on-year, while like-for-like sales were down 3.2 per cent.
Moss Bros said that it now expects to report a full-year adjusted pre-tax loss of about £1 million – although this is an improvement on the £4.2 million loss it registered at the end of the previous fiscal year.
The retailer attributed its performance to fewer customers visiting its stores and being forced to deeply discount products to attract customers.
Moss Bros added that retail sales, which included ecommerce and wholesale, made up more than 92 per cent of the total group revenue during the period.
Online sales were down 0.4 per cent on last year, although its share of the Moss Bros’ overall sales rose from 16.6 per cent to 17 per cent year-on-year.
Meanwhile hire sales, which comprised around eight per cent of total sales, were plummeted 17.7 per cent on a like-for-like basis compared to 2019.
Despite the poor performance, Moss Bros insisted it has made “good progress” with its strategy to transform the business.