{"id":2989,"date":"2018-03-22T12:09:36","date_gmt":"2018-03-22T12:09:36","guid":{"rendered":"https:\/\/anythingforhire.com\/news\/?p=2989"},"modified":"2018-03-22T12:09:58","modified_gmt":"2018-03-22T12:09:58","slug":"moss-bros-issues-second-profit-warning-following-suit-hire-slump","status":"publish","type":"post","link":"https:\/\/anythingforhire.com\/news\/moss-bros-issues-second-profit-warning-following-suit-hire-slump\/","title":{"rendered":"Moss Bros issue second profit warning following suit hire slump"},"content":{"rendered":"

Moss Bros, one of the largest suit hire companies<\/a> in the country, has this week reported another profit warning. This follows a notification issued in December, declaring a ‘very touch’ month for the brand.<\/p>\n

Expected to have seen an improvement in profits as a result of a substantial January sales push, it appears the brand has hit a rather rocky patch.<\/p>\n

Claiming their profits to be ‘materially lower’ than investors would have expected, Moss Bros are not pinning these tough times on one particular area. According to a spokesperson, stock shortages, low footfall and a decline in suit hire demand are all contributing factors.<\/p>\n

News rippled through the market as the brand decreased its dividend pay-outs by 32% to just 4p.\u00a0Completely out of sync with market expectations, shares in Moss Bros have inevitably crashed. According to analysts, shares in the company dropped a substantial 28% after the London Stock Exchange opened. <\/span><\/p>\n

However, this provision was to protect the brand’s future, seeing Moss Bros’ Chief Executive, Brian Brick, say he wanted to preserve the company’s “underlying strength”, expecting a “very challenging” year.<\/p>\n

He said:<\/p>\n

“The beginning of the year has been hampered by short-term stock delivery issues caused by the consolidation of our supplier base.<\/p>\n

“The resulting stock shortage has undoubtedly driven a significant shortfall in sales, which will continue until late spring.<\/p>\n

“Although this has been a painful experience, I am confident that the availability issues are well on track to being resolved and the margin benefits from the consolidation will flow through.<\/p>\n

“This stock shortage has led to a disappointing start to the year and, whilst we are still at a very early stage of our new financial year, the more cautious consumer environment and the effect of short-term weather impacts has led to a readjustment of our profit expectations to protect the group’s longer-term investments.”<\/p>\n

Whilst the brand is facing financial difficulties, it appears they are not the only ones. Various reports show that Carpetright and Mothercare both find themselves in similar situations.<\/p>\n

Let us know what you think, are Moss Bros’ 129 UK stores destined for more setbacks?<\/p>\n","protected":false},"excerpt":{"rendered":"

Moss Bros, one of the largest suit hire companies in the country, has this week reported another profit warning. This follows a notification issued in December, declaring a ‘very touch’…<\/p>\n","protected":false},"author":4,"featured_media":2990,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[],"yst_prominent_words":[1623,1515,2260,1727,1154,1022,1313,2258,2253,1053,1408,2264,1044,2266,1957,2259,2257,2267,2263,2254],"class_list":["post-2989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-hire-rental-news"],"amp_validity":null,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/anythingforhire.com\/news\/wp-json\/wp\/v2\/posts\/2989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anythingforhire.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anythingforhire.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anythingforhire.com\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/anythingforhire.com\/news\/wp-json\/wp\/v2\/comments?post=2989"}],"version-history":[{"count":2,"href":"https:\/\/anythingforhire.com\/news\/wp-json\/wp\/v2\/posts\/2989\/revisions"}],"predecessor-version":[{"id":2992,"href":"https:\/\/anythingforhire.com\/news\/wp-json\/wp\/v2\/posts\/2989\/revisions\/2992"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anythingforhire.com\/news\/wp-json\/wp\/v2\/media\/2990"}],"wp:attachment":[{"href":"https:\/\/anythingforhire.com\/news\/wp-json\/wp\/v2\/media?parent=2989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anythingforhire.com\/news\/wp-json\/wp\/v2\/categories?post=2989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anythingforhire.com\/news\/wp-json\/wp\/v2\/tags?post=2989"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/anythingforhire.com\/news\/wp-json\/wp\/v2\/yst_prominent_words?post=2989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}