- Men's tailoring group Moss Bros slashed its dividend and said it expected to deliver profit 'materially lower' than market expectations.

It blamed the downgrade on a lack of stock availability, challenging hire sales and a more cautious consumer environment.

The company said it would recommend a final dividend of 1.97p per share, bringing the total dividend for the year to 4p, lower than the 5.89p declared in the previous year.

'The beginning of the year has been hampered by short-term stock delivery issues caused by the consolidation of our supplier base,' chief executive Brian Brick said.

'The resulting stock shortage has undoubtedly driven a significant shortfall in sales, which will continue until late Spring.' 'In common with many UK retailers, the year ahead looks like being a very challenging one and we have taken action early to be sure we protect the underlying strength of the business.'

'We do believe continued investment is essential to ensure we retain a sustainable point of differentiation and that we leverage our distinct position on the high street.' At 8:02am: [LON:MOSB] Moss Bros Group PLC share price was -6.8p at 51.8p

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