{"id":164147,"date":"2021-02-15T10:31:40","date_gmt":"2021-02-15T10:31:40","guid":{"rendered":"https:\/\/www.theindustry.fashion\/moss-bros-reports-pre-covid-loss-of-7-4m\/"},"modified":"2021-08-06T12:10:17","modified_gmt":"2021-08-06T12:10:17","slug":"moss-bros-reports-pre-covid-loss-of-7-4m","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/moss-bros-reports-pre-covid-loss-of-7-4m\/","title":{"rendered":"Moss Bros reports pre-COVID loss of \u00a37.4m"},"content":{"rendered":"<p><strong>Men's formalwear retailer <a href=\"https:\/\/www.theindustry.fashion\/intelligence\/moss-bros\">Moss Bros<\/a> has reported pre-tax losses of \u00a37.4 million for the year to 25 January 2020, a 76.2% drop<\/strong> compared to the \u00a34.2m profit the company made for 2019.<\/p>\n<p>Top line sales feel during the year, with<strong> overall sales down 0.5%. Like-for-like sales fell 1.2% despite a strong growth of 6.5% in online business<\/strong>, with e-commerce sales now accounting for 16.9% of group revenue.<\/p>\n<p>Like-for-like hire sales (which accounts for 9.8% of the business) were also down 16.3% in the year.<\/p>\n<p>In the 52-week period, Moss Bros <strong>reported an EBITDA of \u00a35.5m pre-IRFS<\/strong>, with total gross margins reduced by 0.1%, largely attributed to a reduction in hire sales.<\/p>\n<p>In December 2020, Landlords <a href=\"https:\/\/www.theindustry.fashion\/landlords-approve-moss-bros-cva-plans\/\">gave the green light to Moss Bros' CVA restructuring plans.<\/a><\/p>\n<p>Brian Brick, chief executive of Moss Bros, said the approval of the CVA would <strong>allow the company to \u201creset\u201d its cost base and \u201cemerge from the pandemic on a sure financial footing\u201d.<\/strong><\/p>\n<p>The retailer, which was<strong> impacted by store closures, wedding and social event cancellations and decreased demand for office clothing,<\/strong> operates 128 retail stores and employs about 800 staff.<\/p>\n<p>The retailers annual report said it does not expect to \u201creturn to pre-COVID levels in the short-term\u201d, anticipating a long-term impact on the desire for formal menswear.<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/subscribe-now\/?utm_source=website&amp;utm_medium=banner&amp;utm_campaign=insight_button&amp;utm_content=insight_button_0719\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-143048 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Screenshot-2020-05-11-at-18.39.04-2.png\" alt=\"\" width=\"1680\" height=\"268\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mens formalwear retailer Moss Bros has reported pre-tax losses of \u00a37.4 million for the year to 25 January 2020, a 76.2% drop compared to the<\/p>\n","protected":false},"author":49,"featured_media":138466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[15693,11879,5202,5707,11222,17349,17137,9861,10426],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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