Moss Bros FY profits double amid post-pandemic events boom

Moss Bros has seen its EBITDA more than double in its latest full-year results, rocketing 112% to £36m, up from £17m the prior year. Sales soared by 63% to £151m in the period, up from £93.1m the prior year, as business was boosted by the return of weddings, black tie events, proms and other events post-pandemic. The group noted casualwear now forms a “significant component” of its revenues, and that it has “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”. The group has also updated its website during the period with a “completely new look and feel”, with a site that is “cleaner, easier to shop and presents our product in a more editorial and aspirational way”. New online services include a ‘suit builder’ on custom made tailoring, a swatch service and an on-line stores appointment booking option. Within the last year, the group opened five new stores in Woking, Bristol, Brighton, Eastbourne and Jermyn Street. It has also moved into new stores in Canary Wharf, Cheapside, Watford and Oxford and Shrewsbury. In addition, it said it has a “strong pipeline” for expansion with up to ten new stores and some significant re-sites planned over the next 12 months. In its latest update, the menswear group also announced it was rebranding and changing its name from Moss Bros to Moss, though the holding company name remains the same. The group said the move reflects the “modern, more diverse, digital, omni-channel retailer we are today without losing our amazing heritage”, and a “business that now provides a much broader offer than just ‘hire’”. Brian Brick, CEO of Moss Bros, 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 omni-channel approach ensures a continued focus on stores backed with a strong on-line offering. This has been enhanced with the opening of new stores and our expansion into online digital marketplaces.” He added: “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.”