(Press Association) Shares in menswear retailer Moss Bros fell more than 15% after warning on profits following a tough December that saw fewer shoppers visit its stores
It warned 2018 earnings will also be hit in an “extremely challenging” year ahead.
The group said like-for-like store sales had slumped 8% since the start of December amid intense competition on the high street as retailers slashed prices to offset tough trading.
It saw overall retail comparable sales edge 0.4% higher in the 23 weeks of its second half to January 6 thanks to a 12.3% leap in online sales and a better performance in stores between August and November.
But the poor trading over the crucial festive period means it now expects full-year profits for the year to the end of January to come in slightly below market expectations, at between £6.5m and £6.8m.
It added that profits for 2018-19 are also expected to be impacted as it plans to continue investing in the business in the face of ongoing high street woes.