Moss Bros has revealed it is expanding onto other digital marketplaces over the coming months, following a 63% increase in turnover.
In its full-year results, the omnichannel retailer reported a rise in revenues to £151.6 million, compared with £93.1 million in the same period last year.
EBITDA soared by 112% to £36 million, from £17 million last year, thanks to a “significant” rise in casualwear.
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In a statement, the company said: “Post lockdown, our insight showed consumers were looking for more versatility when it came to their wardrobe. This represented a mixing of formalwear and casual stylish solutions.”
The retailer also revealed plans to open 10 new stores in the next year, alongside “some significant resites”, which aligns with the company’s decision to drop the ‘Bros’ from its website.
However, since March 2022, the group opened five new stores in Woking, Bristol, Brighton, Eastbourne and Jermyn Street and moved into brand new stores in five other locations including Canary Wharf, Cheapside, Watford and Oxford and Shrewsbury.
“Our omnichannel approach ensures a continued focus on stores backed with a strong online offering. This has been enhanced with the opening of new stores and our expansion onto online digital marketplaces,” Moss CEO Brian Brick said.
“As I said last year, we have seen consumer behaviours continue to change. The key to our success has been the ability to remain agile and meet the evolving wants and needs of our menswear audience.
“This approach remains the central pillar to our growth and for what Moss stands for both now and in the future.”
Image credit: Moss Bros