Operator of the Moss menswear chain, Moss Group’s revenue declined to £137.5 million during FY24 from £151.5 million in the previous year. The group’s EBITDA also declined to £25 million from nearly £36 million, while pre-tax profit halved to £16.6 million, and net profit lowered to £13.6 million from £26.7 million. The company attributed this decline in sales to a normalisation of wedding demand following a post-pandemic surge, which led to an overall sales decrease of 9.3 per cent.

Despite these challenges, Moss Group reported strong trading since the end of the financial year and expects this momentum to continue through January 2025. The company remains committed to providing high levels of service in its stores and has upgraded its online platform. It has also expanded its casualwear offering and rebranded its stores. To reflect a more modernised focus while honoring its heritage, the company has dropped the word, ‘Bros’from its name.

Acknowledging market uncertainties and rising costs, Moss Group maintained an 18.2 per cent EBITDA margin, describing it as a ‘creditable’ performance. The group remains debt-free and highly cash-generative, indicating strong financial resilience despite wider difficulties in UK retail. It believes its focus on offering high-quality products at reasonable prices positions it for future growth.

Looking ahead, Moss plans to optimise its store network by relocating five stores, refurbishing one, and opening three new locations. The company also plans to focus on cost control and product improvement to stay relevant in a competitive market. Besides, it aims to maintain a balance between its core formalwear offerings and an expanding casualwear range.