- Huw Hughes
Moss Bros, the British formalwear retailer that last year launched a company voluntary arrangement (CVA) amid difficult trading conditions, has reported a 7.4 million pound loss before tax for the year to 25 January 2020, compared to a loss of 4.2 million pounds a year earlier.
The menswear retailer’s sales dropped 0.5 percent during the period to 128.3 million pounds, while total like-for-like sales dropped 1.2 percent despite a 6.5 percent increase in online sales.
E-commerce sales accounted for 16.9 percent of the company’s revenue, up from 14.5 percent the year before.
Like-for-like hire sales, which accounted for 9.8 percent of revenue, fell 16.3 percent during the year.
The retailer reported an EBITDA of 5.5 million pounds pre-IFRS 16.
Moss Bros, which operates from 128 retail stores and employs around 800 staff, was hit hard last year by store closures and the cancellation of formal events it relies on for revenue.
In December, the company received the green light from its creditors to go ahead with a CVA.
CEO Brian Brick said at the time that the CVA would allow the company to “emerge from the pandemic on a sure financial footing”.
He said: “We are incredibly grateful to our landlords and suppliers for their support in this process and proud of our employees for the way they have dealt with all that 2020 has thrown at them.
“We also recognise the backing of our new shareholders throughout the challenges of the takeover, pandemic and CVA process.
“We look forward to continuing to evolve our brand and ranges to serve all our customers, old and new, just as we have for so many years.”
Photo credit: Moss Bros, Facebook