Skip navigation

Gloucestershire Business News

Second profit warning for menswear retailer and carpet store still in trouble

Shares in suits retailer Moss Bros have plummeted nearly 30 per cent, after the company warned its full year profits would come in below expectations.

In its second profit warning of the year, Moss Bros said profits for the year to January 2019 would now be materially lower than previously reported, as reported by Retail Gazette.

The company, which has stores in Cheltenham and Gloucester, blamed its dire predictions on a continuing decline in footfall, alongside stock shortages across its stores.

Moss Bros had reportedly been consolidating its supplier base, leading to limited in-store stock during the first few months of the year. However it said the availability issues are now on track to being resolved.

Elsewhere, Carpetright, which also has stores in Gloucester and Cheltenham, is the latest in a long line of retailers planning to launch a company voluntary agreement (CVA).

The retailer is seeking to secure an insolvency deal which allows it to continue trading while it negotiates rent reductions and debt restructures.

The CVA would lead to dozens of closures of loss-making stores, with its chief executive admitting the company has been burdened with too many poorly-located stores with unsustainable rents.

In January, Carpetright's share price dropped  47 per cent as it reported a 3.6 per cent drop in sales over the crucial Christmas period,

Related Articles

Versarien's revenues halve and losses rise Image

Versarien's revenues halve and losses rise

Forest of Dean-based advanced engineering group Versarien saw its revenues halve last year.

Gloucestershire company launches same-day service Image

Gloucestershire company launches same-day service

Gloucester-based Freemans Event Partners has launched a brand-new around-the-clock foodservice logistics offer.

Gloucester business expands at Elmbridge Court Image

Gloucester business expands at Elmbridge Court

Just three offices are now available for rent at Elmbridge Court, following the latest letting.

Cirencester town centre to deliver improved parking Image

Cirencester town centre to deliver improved parking

Better parking and traffic control improvements for Cirencester residents and businesses.

Copyright 2024 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.