Moss Bros losses widen, dividend cut

Source: Retail Digital

Date :25/09/2008 09:10:27

Moss Bros, the menswear chain, has announced that first half losses widened to £1.6 million and that no interim dividend will be paid as it faces a challenging year.

The clothing chain has reported pre-tax losses before one-offs of £1.6 million in the first six months to July 26, while like-for-like sales were down 2.6 percent.

The group said that no interim dividend will be paid as its gross margin grew by just 40 basis points in the period.

Additionally, Rowland Gee has confirmed his departure from the firm with immediate effect as part of a shake-up of the board.

A member of one of the founding families, Gee was to have kept his non-executive position until February.

Despite the slowdown in consumer spending, Moss Bros has said that it expects trading for the full year in line with expectations