Moss Bros, the menswear company, has consistently reported its financial results in a timely manner, even after going private and no longer being listed on the stock exchange. In a surprising move, the company has already filed its results for the year ending in January 2022, a practice that is not common among private companies.

The financial results indicate a reason for optimism, suggesting that the formal menswear sector, which was believed to be declining, may still have a bright future. During the 52-week period, Moss Bros experienced a significant increase in turnover, surpassing £93 million. This is a remarkable improvement compared to the previous year, which was heavily affected by the pandemic and had a turnover of £38.6 million. As a result of this increased turnover, the company also witnessed a rise in profit. Its EBITDA stood at £17 million, marking a substantial turnaround from the previous year’s loss of £11.7 million.

The financial figures are particularly impressive considering that the previous financial year had 53 weeks, which makes the improvement even more significant. Moss Bros reported a profit before tax of £12.4 million for the latest year, a marked improvement from the £21.8 million loss the year before. Additionally, the net profit reached £10.4 million, in contrast to the previous year’s loss of £17.6 million.

Moss Bros attributes its improved performance to the reopening of its stores in April 2021, following the easing of pandemic restrictions. This allowed customers to attend postponed weddings, social events, and sports gatherings, leading to an increase in demand for formal menswear. The company’s successful strategy in meeting this post-pandemic demand highlights the resilience of a specific segment of UK consumers who prioritize high-quality products offered at reasonable prices. While Moss Bros aims to remain true to its core market, it also sees potential in expanding its customer base further.

Since its reopening almost a year ago, Moss Bros has continued to trade strongly and foresees this trend continuing as the UK economy and the company move towards a state of normalcy. While uncertainties related to the ongoing pandemic, as well as macroeconomic and geopolitical factors, persist, Moss Bros is less concerned about consumer demand abroad as its primary focus is the UK market. The company’s directors have a growing confidence in the trading outlook and overall demand for their menswear products in Britain.

Useful links:
Moss Bros Official Website
Companies House Official Website