// Moss Bros plans more store openings and marketplace offers after profits double
// The formalwear retailer posted EBITDA soared 112% to £36m in the 12 months to January 2023
Moss Bros has revealed plans to expand its store footprint and marketplaces offer after its profits more than doubled thanks to the continuing post-pandemic surge for formalwear.
Sales for the menswear retailer skyrocketed 63% to £151.6m for the 12 months to January 2023, up from £93.1m the year before.
EBITDA soared 112% from £17m to £36m for the year, boosted by a “significant” uptick in demand for casual wear.
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The formalwear retailer said it plans to open 10 new stores this year, creating around 80 new jobs, as well as some “significant resites” of its existing outlets to fit the new ‘MOSS’ rebrand.
Moss Bros said its strong performance was in part from the success of its marketplaces offer, which it plans to expand beyond Next and John Lewis over the coming months.
Chief executive Brian Brick said: “Our omni-channel approach ensures a continued focus on stores backed with a strong on-line offering.
“We have completely reimagined the product offering for the way our customers are living today.
“We’ve also pivoted from a formal hire business that sold tailoring to a menswear fashion brand that sells suiting, complemented by smart casualwear, while offering a rental service.”
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