Moss Bros, the menswear retailer, has become the latest high street chain to warn on profits.
It has said in a statement that total sales for the 44 weeks to 29 November have dropped 3.7%. Things seem to have become worse towards the end of that period: sales for the last 18 weeks fell 5.2% on a like for like basis.
"The challenging current trading environment is likely to have a materially adverse impact on market expectations for the full year," said the company, which added that it was taking action to cut costs.
All this comes after a few days of hectic activity for Moss Bros. On Thursday billionaire retailer Philip Green said he would not bid for the company, which prompted a slump in its share price, and a day later he sold his 26.8m shares to a trust associated with Simon Berwin, the boss of Leeds-based suit supplier Berwin & Berwin.
Green sold his shares at 28.85p each, making a £1m profit on his investment. After today's profit warning shares in Moss Bros have dropped 1.75p to just 17p. What must Mr Berwin be thinking?
