Moss Bros, the menswear retailer based in the UK, has reported a pre-pandemic loss of £7.4 million for the year that ended 25 January 2021.
That’s a fall of 76.2 per cent compared to profit of £4.2 million made last year.
The British clothing retailer saw its sales fall by 0.5 per cent to £128.3 million for the same period.
As far as total like-for-like sale is concerned, the fall was 1.2 per cent – and this despite its e-commerce business surging by a good 6.5 per cent.
Here it is important to mention that the e-commerce sales for the aforementioned period accounted for 16.9 per cent of Moss Bros’ total revenue, at a 2.4 per cent rise.
What’s hit the retailer the most was its fall in like-for-like hire sale that was 16.3 per cent down during the period. Notably, this part of Moss Bros’ business carries a higher gross margin rate.
Importantly, its total gross margin rate also slumped by 0.1 per cent owing to decline in hire sales in the said period.
Set up in 1851, Moss Bros Group has its headquarters in London and generates revenue of £130.2 million.
