Moss Bros to open new shops as sales climb up for suits retailer
Suits retailer Moss Bros has revealed plans for new shops after the retailer said trade had been boosted after it launched a range of casual clothes.
The men’s formalwear chain, which hosts an estate of around 100 stores, reported a £93.1m turnover for the year to January. This was compared to pre-pandemic turnover of £128.3m, two years earlier.
Its earnings before tax have more-than-tripled against pre-pandemic levels to £17m for the past year.
As with many of its high street rivals, Moss Bros was hit hard with a drop in demand for formal clothes such as suits and work shirts. However, sales have climbed back after the chain launched casual clothes lines.
The retailer has eyed a pipeline of 10 potential new shops over the 12 months and is in discussions with landlords.
Brian Brick, chief executive officer, said: “Over the course of the last two years we have seen consumer behavioural changes like never before.
“The key to our success as a business has been the ability to remain agile and meet the evolving wants and needs of our menswear audience.
“I was never in doubt that people would welcome the opportunity to dress up again with the opening of events, as well as weddings.”
The retailer was snapped up by Crew Clothing owner Brigadier for £22m in 2020.
Sarah Riding, a retail and supply chain partner at the law firm Gowling WLG, said the figures were “reassuring” and the retailer would still be able to regain its “market leader” position for suit and formal wear sales.
“However, the landscape has changed drastically in terms of competition from mainstream retailers and newer specialists so the market will be keen to see what innovations Moss Bros applies to their model to better guarantee continued success,” she added.
The trading update from Moss Bros follows Next CEO Lord Wolfson telling CityA.M. that shoppers had flocked back to stores to buy suits once more, as Covid guidance on working from home had let up.