Moss Bros eyes pipeline of new shops as pandemic recovery continues
On Tuesday, the retailer said it has been boosted by the launch of casual wear ranges, although its sales remain below pre-Covid levels.
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Your support makes all the difference.Men’s formalwear brand Moss Bros said it plans to open new shops after earnings rebounded amid the company’s continued pandemic recovery.
The firm, acquired by Crew Clothing owner Brigadier for £22 million in 2020, was hit hard by declining demand for suits and smart shirts during the pandemic as more people worked from home.
On Tuesday, the retailer said it has been boosted by the launch of casual wear ranges, although its sales remain significantly below pre-pandemic levels.
Moss Bros posted a turnover of £93.1 million for the year to January, compared with a turnover of £128.3 million over the same period two years earlier.
I was never in doubt that people would welcome the opportunity to dress up again with the opening of events, as well as weddings
However, it said its earnings before tax have more-than-tripled against pre-Covid levels to £17 million for the past year.
The retailer is now expanding its store portfolio as a result, with the firm opening a new Woking store last month.
It said it has identified a pipeline of 10 potential new shops over the 12 months and is in talks with landlords.
Moss Bros also said it has seen “encouraging results” through selling its products on Next and John Lewis’ online platforms.
Brian Brick, chief executive officer, said: “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.
“We are pleased with the results and the progress we have made.”