Moss Bros to open 10 new stores in UK as sales recover following pandemic
Men's formalwear brand Moss Bros plans to open new stores after its earnings rebounded during the company's pandemic recovery.
The firm, acquired by Crew Clothing owner Brigadier for £22million in 2020, was hit hard as demand for suits and smart shirts declined during the pandemic as more people worked from home.
On 5 April, the retailer said the launch of casual wear ranges has boosted the company, although its sales remain significantly below pre-pandemic levels.
How did Moss Bros do over the pandemic?
Moss Bros posted a turnover of £93.1million for the year to January, compared with a turnover of £128.3million over the same period two years earlier.
However, it said its earnings before tax have more-than-tripled against pre-Covid levels to £17million for the past year.
Bosses have said they are in talks with landlords with 10 potential new shops in the pipeline over the year, which comes after a new Woking store opened in March.
Moss Bros also said it has seen "encouraging results" through selling its products on Next and John Lewis' online platforms.
What has been said?
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.
"We are pleased with the results and the progress we have made."The chain has not commented on the locations of the 10 new stores.