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,