Formalwear label Moss Bros sees pre-tax profits climb 23%

By

Barbara Santamaria

Published
Apr 5, 2016

British men's formalwear brand Moss Bros said it made a ‘strong progress’ in the year to 30 January 2016, as it reported its preliminary results for the 52 week period.

Underlying profit before tax was up 23.1% at £5.9 million, from £4.8 million in the year 2014/15, while retail and hire sales grew to £119 million on a like-for-like basis, up 8.2% from the previous year.  E-commerce sales jumped 36.3% in the period, and account now for 10% of the company’s total sales.

In the period, Moss Bros focused on establishing its main brand Moss Bros and strengthening the brand identity of its sub-brands Moss London, Moss 1851 and Moss Esq. The product offering was improved with actions such as the launch of an accessible bespoke tailoring service called ‘Tailor Me’.

The company also accelerated the store refit plan and has now almost two thirds of its store portfolio trading in the new format.

"We continue to make strong progress in the delivery of our strategic priorities,” said the brand’s CEO, Brian Brick. “The modernisation of the store portfolio, which is nearing completion, is achieving the anticipated returns and we have well developed plans for the implementation of our multi-channel shopping environment.  We have added to the strength of the management team and we are well placed to take advantage of these opportunities to accelerate our growth.”

Last financial year, the group recruited Sara Gomez as its new People Director and Paula Minowa as Chief Operating Officer. Additionally, Tony Bennet will join the company as Group Finance Director ‘no later than August 2016’, replacing Robin Piggott.