Yahoo Finance From Carpetright to Moss Bros - here's a list of businesses to have issued profit warnings
The gloom enveloping the High Street has been darkening since the turn of the year.
Toys R Us and Maplin have folded, while many other leading names have said tight consumer spending, sky high rents and business rates and Brexit uncertainty are presenting significant headwinds.
Analysts have reported thousands of retailers are in real financial trouble and the number of profit warnings issued since the beginning of the year appear to bear that out.
MORE: Moss Bros braced for ‘extremely challenging’ future after profits slump
So, just who has said what about their business?
Carpetright:
Carpetright has issued a series of profits warnings in recent months, sending its shares sharply lower.
It has said it plans to close a number of stores in its 400-plus nationwide portfolio.
In December, it issued a profits warning, guiding underlying profit before tax for the year to be at the lower end of the previous range of £13.8m to £16.7m.
The latest warning earlier this month said it was likely to make “a small loss” come April.
Moss Bros:
Menswear chain Moss Bros has issued two profit warnings this year – and revealed on Tuesday a slump in full-year profits of 6.1% for the past financial year.
It said stock shortage issues had affected its business and that is was bracing for a “substantially challenging” period ahead.
MORE: What is the future for Britain’s high streets?
PZ Cussons:
Manchester-based consumer giant PZ Cussons – maker of Imperial Leather soap – said two weeks ago profit for the full-year would fall short of expectations into the £80m to £85m range – well short of the expected £100m.
It said these were its Nigeria milk and UK soap businesses, adding that it had not been immune from the Brexit-linked challenges facing the retail sector.
Mothercare:
Baby products retailer Mothercare earlier this month said annual profits were likely to be near the bottom of its forecast in the £1m-£5m range.
It said talks with creditors were ongoing and that it would cut its store numbers from 140 to 80 in response to the trend to online shopping, which now makes up 42% of its revenue.
Debenhams:
High Street veteran Debenhams issued a profit warning in January following a poor festive period.
It said profits for the full year were now expected to be between £55m and £65m – sharply below City expectations of £83m.
MORE: Toys R Us and Maplin collapse into administration putting 5,500 jobs at risk
Bargain Booze:
Bargain Booze owner Conviviality said last week it likely to go bust unless it could raise £125m, as it issued its third profits warning in a month.
The company blamed the first warning on a spreadsheet arithmetic error and weakening profit margins, and then admitted it had not budgeted for the £30m tax bill due this month.
Chief executive Diana Hunter stepped down as Conviviality admitted that profits for the year to 29 April would be about £10m less than it had told the City only a week earlier.
Mitie:
UK outsourcing firm Mitie, with interests in everything from pest control to security and cleaning, says its turnaround plan is on track to deliver after issuing a number of profit warnings over the past year.
Its transformation plan will see it cut costs by £50 million a year by 2020.
Interserve:
Interserve – a rival of collapsed government contractor Carillion – has been battling to shore up its finances since posting a warning on profits last September and again in October.
The company, which provides security, probation, healthcare and construction services and cleans the London Underground, secured a new financing deal with banks earlier this month.
New Look:
Fashion outlet New Look has entered into a CVA that will involve the closure of up to 60 of its 593 stores and rent reductions on dozens more. Almost 1,000 jobs will be lost as a result of the move.