Moss Bros warns of falling sales

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The menswear retailer Moss Bros has warned that the "challenging current trading environment" will have an "adverse impact" on its profits.

It said that like-for-like sales in the 49 weeks to 29 November had been 3.6% below the same period last year.

It added like-for-like sales in the past 18 weeks had been down by 5.2%.

Moss Bros chief executive Philip Mountford said the company had taken steps to cut costs that would not have their full effect until next year.

"Our sales performance in the last two months reflects the very tough trading conditions in our markets," he said.

"The business is ever vigilant to opportunities to reduce costs and maximise cash flow and proactively take steps to drive sales in what we expect to continue to be a challenging retail market."

By early afternoon trading, Moss Bros shares had fallen 13% to 16.25 pence.