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Moss Bros to expand its marketplace off the back of doubled profits

Moss Bros to expand its marketplace off the back of doubled profits

Moss Bros has announced it will expand onto other digital marketplaces in the coming months after it posted a 63% increase in turnover.

In its full-year results, the retailer reported an increase in revenues to £151.6 million, compared with £93.1 million in the same period last year.

EBITDA boomed by 112% to £36 million, up from £17 million last year, with the company paying thanks to a “significant” rise in casual wear.

“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 company said in a statement.

The omnichannel retailer also announced plans to open 10 new stores in the next 12 months.

It added that it was also dropping the 'Bros' from its website and it was making “some significant resites”.

Since March 2022, Moss Bros has opened five new stores in Woking, Bristol, Brighton, Eastbourne and Jermyn Street.

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Meanwhile it has moved into brand new stores in five other locations including Canary Wharf, Cheapside, Watford and Oxford and Shrewsbury.

The company's CEO Brian Brick said: “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,

“As I said last year, we have seen consumer behaviors 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.”

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