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Menswear retailer Moss Bros has said like for like sales were down during the last year.

Although the company reported a total increase in sales in the last 49 weeks of one per cent, annual like for like sales fell by 1.4 per cent from last year.

However the group insists it remains confident for the new year ahead.

A statement from the menswear brand said: "Despite an unusually difficult year for the menswear market the management remains confident about the future of the business and is continuing with the expansion and refurbishment strategy announced previously."

The retailer also announced that profit before tax will be lower than last year, after including £1.7 million of profits arising from the planned sale of a number of leases during the current year.

However, the menswear group insisted that "cash balance remains strong with the average cash balance through the year higher than last year despite the lower than expected sales level".

The group operates a number of brands such as Moss Bros, Savoy Taylors Guild and Cecil Gee. Established in 1851, the group estimates that it provides hire footwear for 40,000 weddings each year.