Moss Bros reports financial recovery
Men’s formalwear brand Moss Bros has reported a “strong financial recovery with profit levels above pre-Covid performance” for the 12 months to 31 January 2022, despite stores being closed until 12 April 2021 under the third national lockdown.
Moss Bros made EBITDA of £17m – up from £5.2m in 2020 – on turnover of £93.1m, driven by new forays into casualwear, and the comeback of weddings as Covid restrictions lifted. However, turnover is still 27% below pre-pandemic levels of £128.3m in 2019/20.
Brian Brick, CEO of Moss Bros commented: “Over the course of the last two years we have seen consumer behavioural changes like never before. The key to our success as a business has been the ability to remain agile and meet the evolving wants and needs of our menswear audience.
“I was never in doubt that people would welcome the opportunity to dress up again with the opening of events, as well as weddings.
“Our multi-channel approach ensures a continued focus on stores backed up with a strong on-line offering. We have reimagined the product offering for the way our customers are living today.”
“We are pleased with the results and the progress we have made. We couldn’t have done this without the invaluable contribution of colleagues and partners – so thank you.”
In May 2021, MossBros opened a new 4,600 sq ft flagship concept store on London’s Oxford Street and, last month, opened another new store in Woking, Surrey.
