A multi-piece molding retainer assembly including a female stud engagement latch which is held in floating snap-fit relation within a molding engagement clip adapted to engage and retain the overlying molding. The stud engagement latch and the molding engagement clip are moveable in relation to one another in both the longitudinal and lateral directions after attachment. The retainer assembly accommodates variations in stud position and height such that the attached molding may be properly positioned despite variations in the studs.