Moss Bros profits surge as shoppers ‘dress up again’

Moss Bros posted EBITDA of £36m for the 12 months to January 28, 2023, a 112% surge year on year from £17m last year.

The fashion retailer also reported a 63% increase in sales to £151.6m, which it attributes to the demand for occasionwear as shoppers are free of pandemic restrictions.

Moss Bros also noted the success of both its “easier to shop” website and the opening of five new stores during the period. It also confirmed plans to ramp up its bricks-and-mortar offering with a “strong pipeline” for up to 10 new stores over the next year.

As casualwear now accounts for “a significant component of revenues”, the retailer also took the decision to now be known to customers as ‘Moss’, despite retaining the holding company name of Moss Bros Group Ltd.

The menswear retailer said “times have changed and so have we”, and the decision came as a result of representing itself as “the modern, more diverse, digital, omnichannel retailer we are today”.

Moss also said in a statement that its expansion into marketplaces plays “an integral part” in reaching more customers and confirmed plans to add to its existing partnerships with Next and John Lewis this year.

Chief executive Brian Brick said: “I was never in doubt that people would welcome the opportunity to dress up again, especially with the inevitable pent-up demand from the weddings, races, proms and black-tie dinners that we have seen throughout the last year or so.

“Our omnichannel approach ensures a continued focus on stores backed with a strong online offering. This has been enhanced with the opening of new stores and our expansion on online digital marketplaces.

“We have completely reimagined the product offering for the way our customers are living today. We’ve also pivoted from a formal hire business that sold tailoring to a menswear fashion brand that sells suiting, complemented by smart casualwear, while offering a rental service.

“As I said last year, we have seen consumer behaviours continue to change. The key to our success has been the ability to remain agile and meet the evolving wants and needs of our menswear audience. This approach remains the central pillar to our growth and for what Moss stands for both now and in the future.”