Moss posts jump in sales and profit
Moss has been boosted by a jump in annual sales and profit as it continues its post-Covid recovery.
In the year to January 2023 the men’s formalwear retailer increased its turnover by 63% to £151.6 million while growing its EBITDA by 112% to £36 million.
During the period, Moss launched five new stores and three store re-sites and rebranded to Moss. It has also given its online platform a new ‘look and feel’ following the decision to drop ‘Bros’ from its name.
Other initiatives included expanding its casualwear range which it said now accounts for a significant proportion of revenue.
Brian Brick, chief executive of Moss, 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.
“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.”
Moss said its hire service is continuing to grow its sales due to pent-up demand following the postponement of weddings and black tie events during the pandemic.
Brick said: “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.”
