Moss Bros Group, the operator of the Moss menswear chain, has released its financial accounts for the year ending January 2024. The company reported a turnover decrease to £137.5 million, down from £151.5 million the previous year.
Despite this decline, Moss Bros Group indicated that it has continued to trade well since January. The directors expect this strong trading performance to persist into the upcoming year, ending January 25, 2025.
For the financial year 2023/24, the company also saw a drop in earnings before interest, taxes, depreciation, and amortization (EBITDA), falling to £25 million from nearly £36 million in the prior year. Additionally, pre-tax profit decreased to £16.6 million from £33.1 million, and net profit fell to £13.6 million, down from £26.7 million.
The company attributed the drop in total sales, which fell by 9.3%, to a normalization in wedding demand following the surge seen during the post-pandemic period. Since formal clothing is a significant part of the business, this shift naturally impacted sales.
However, Moss Bros Group stated that it maintained strong trading and remained committed to delivering high levels of service in its stores. The online segment also benefited from a platform upgrade and continued expansion of its casualwear ranges. Furthermore, the company has invested in rebranding, changing its store name from Moss Bros to simply Moss to better reflect its future brand focus while honoring its heritage.
The group acknowledged that it faces significant market uncertainty and cost inflation, similar to other retailers. Despite the decline in EBITDA, the company described its performance as “creditable,” yielding a substantial EBITDA margin of 18.2%. Moss Bros Group also remains cash generative with no debt.
The company highlighted that its performance reflects the resilience of a segment of UK consumers willing to purchase quality products at reasonable prices. Moss Bros Group believes its brand appeals to an increasingly diverse customer base and is positioned for further expansion.
As part of its strategy for future growth, the company is focusing on its store estate. It has relocated five stores, refurbished one, and opened three new locations. Additionally, Moss Bros Group is implementing cost controls across all business areas and continuously improving its product range to remain relevant in the market.
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