Moss Bros, a former stock exchange-listed company, has surprised everyone by promptly releasing its annual results for the year ending January 2022. These results suggest that the formal menswear sector might not be as doomed as previously anticipated.
During the 52-week period, Moss Bros experienced a significant increase in turnover, reaching just over £93 million. This is a remarkable improvement compared to the previous year’s figure of £38.6 million, which was heavily impacted by the Covid-19 pandemic. This boost in turnover also led to a profit on an EBITDA basis of £17 million, compared to a loss of £11.7 million in the previous year. It’s worth noting that the previous financial year consisted of 53 weeks, making these figures even more impressive. Furthermore, Moss Bros saw its profit before tax rise to £12.4 million, in stark contrast to the previous year’s loss of £21.8 million. Net profit also demonstrated a positive trend, reaching £10.4 million after a loss of £17.6 million the year before.
The company attributes its improved performance to the reopening of its stores in April 2021 and its strategic response to the emerging demand in the post-pandemic period. As restrictions were lifted, individuals were once again able to attend weddings, social gatherings, and sporting events, all of which had been postponed the previous year. Despite the challenges faced by the retail industry as a whole, Moss Bros’ success highlights the resilience of a specific segment of UK consumers who are willing to invest in high-quality products at reasonable prices. While the brand remains committed to its core market, it also sees potential to attract a wider customer base and expand further.
Since reopening almost a year ago, Moss Bros has continued to perform strongly, and it expects this positive momentum to persist as the UK economy and the company itself gradually return to normal. Although uncertainties remain regarding the ongoing impact of the pandemic and the broader economic and geopolitical landscape, Moss Bros’ focus on the UK market helps mitigate concerns about consumer demand abroad. The company’s directors are growing increasingly optimistic about the trading outlook and the overall demand for their products in Britain.
Useful links:
1. Moss Bros Official Website
2. BBC Business News
