Moss Bros annual turnover, EBITDA improve as lockdown ends

Moss Bros has reported a year-on-year increase in annual turnover and has swung to an EBITDA profit as social events returned following the end of the UK’s third lockdown.

The retailer made a turnover of 93.1 million pounds in the year to January 2022, a 141 percent increase on a year earlier, but still 27 percent below pre-pandemic levels from two years ago.

Moss Bros made an EBITDA for the year of 17 million pounds compared to a loss of 11.7 million a year earlier, and compared to an EBITDA of 5.2 million pounds two years ago.

Moss Bros CEO Brian Brick was upbeat on the company’s results as it showed signs of recovery following a difficult period during the pandemic.

Pandemic recovery

“Over the course of the last two years we have seen consumer behavioural changes like never before,” Brick said. “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.”

Moss Bros, like many formalwear retailers, was heavily impacted during the pandemic as social gatherings and large events such as weddings and the Royal Ascot were cancelled en masse.

But the company has seen pent up demand since Covid restrictions ended in the UK.

“I was never in doubt that people would welcome the opportunity to dress up again with the opening of events, as well as weddings,” Brick said.

He continued: “Our multi-channel approach ensures a continued focus on stores backed up with a strong on-line offering. We have reimagined the product offering for the way our customers are living today.”