// Moss Bros revealed plans for new shops after the retailer said trade had been boosted after it launched a range of casual clothes
// The retailer has eyed a pipeline of 10 potential new shops over the 12 months and is in discussions with landlords
Formalwear retailer Moss Bros has revealed plans to open 10 new stores after the business said trade had been boosted following the launch of its casualwear range.
The business, which has around 100 stores, reported a £93.1m turnover for the year to January, compared to pre-pandemic turnover of £128.3m, two years prior.
However, it said its earnings before tax have more-than-tripled against pre-Covid levels to £17 million for the past year.
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The retailer was acquired by Crew Clothing owner Brigadier for £22 million in 2020, and was hit hard by declining demand for suits and formalwear during the pandemic as Brits stayed home during nationwide lockdowns.
The retailer’s expansion plans come just as it opened its new Woking store last month, which stocks its full collection of clothing, footwear and accessories.
The retailer has eyed a pipeline of 10 potential new shops over the 12 months and is currently in discussions with landlords.
Moss Bros also said it has seen “encouraging results” through selling its products on Next and John Lewis’ online platforms.
CEO Brian Brick 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.”
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