Tuesday 14 April 2020 11:45 am

Moss Bros delays full-year results amid coronavirus crisis

Menswear retailer Moss Bros has delayed the publication of its full year results due to the coronavirus pandemic.

The company announced this morning that it will postpone its financial results for the year ending 25 January until late July.

Read more: Moss Bros to be taken private in £22.6m deal

It had previously planned to publish its accounts in late May. 

Financial regulators said last month that firms were permitted to delay corporate reporting by up to two months during the coronavirus crisis. 

The Financial Conduct Authority (FCA) and Financial Reporting Council (FRC) changed the restrictions to help “listed companies which need the extra time”. 

“We recognise that some companies, given the nature of their operations, may feel it appropriate to maintain the 4 month calendar, but we would urge all those companies that feel it appropriate to utilise the additional 2 months to do so,” the FCA and FRC said.

Read more: Moss Bros’ transformation plan progresses despite sales slump

“We urge market participants not to draw undue adverse inferences when companies make use of the extra time our temporary relief gives them.

“For a great many companies it will be a sensible decision to make in unprecedented times.”

Moss Bros has temporarily suspended online trading during the coronavirus crisis, as well as closing all of its physical stores following a government shutdown. 

Moss Bros said it made the decision to close its online operations to ensure its warehouse staff can stay at home.

Read more: Coronavirus: Half of major UK retailers ‘could run out of cash’ as sales dive

Brigadier Acquisition Company, the owner of Crew Clothing, made an offer to buy the suit retailer in a deal worth £22.6m, before coronavirus was widespread in the UK. 

In January the retailer, which has struggled financially for several years, said it was making headway with its transformation plan.

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