Moss Bros to open 10 new stores this year as post-COVID recovery continues
Formal menswear brand Moss Bros has reported its full year results for 2021, revealing that it has doubled down on its physical store presence as it continues to recover from the pandemic.
For the year ending 29 January 2022, Moss Bros reported a turnover of £93.1 million, a 141% increase compared to 2021. The increase in turnover was a "direct result" of stores reopening in April 2021, according to the company.
The return of weddings and other social events have also been aiding the demand for formalwear and the business' recovery, it added.
Earnings before tax (EBITDA) reached £17 million in 2022, compared to a negative EBITDA of £11.7 in 2021, which had been significantly impact by the pandemic.
The business further reported that this year it was doubling down on expanding its physical retail presence and is looking to open up to 10 new stores.
Moss Bros CEO Brian Brick said he was "pleased" with the results and the businesses' progress. He added: “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."
Moss Bros said that it had the opportunity to "reflect and focus" on the changing needs of customers during the 2020 lockdown, prompting the business to introduce a more multi-channel offering. The company has since begun offering a rental service, extended its casualwear range and introduced a marketplace channel.
It extended its market reach by retailing in both Next and John Lewis, which has seen "encouraging results".
In May 2021 the business opened a new 4,600 sq ft flagship concept store on London’s Oxford Street, which it said was performing well. In March it opened a new concept store in Woking, Surrey.