Quiz enjoys strong first half growth
Fashion retailer Quiz has increased its first half underlying pre-tax profit by 31% to £4.8 million.
In the six months to 30 September, group revenue rose by 35.2% to £56.1 million driven by strong growth across all of its channels. Online sales were up 204.6% while international sales climbed by 26.1%.
When the costs relating to Quiz’s IPO were taken into account, pre-tax profit was flat at £3.7 million.
During the period, Quiz continued its UK expansion with the launch of five new stores. It also opened its first stores beyond the UK and Ireland with three shops in Spain.
Tarak Ramzan, Quiz founder and chief executive, said: “We are pleased to report a very good performance for the Quiz brand in the first half of the financial year with strong growth delivered across each of the brand’s distribution channels, most notably online and international.
“The group’s strong performance is a reflection of the growing awareness of the Quiz brand and increasing demand for our products that offer the latest glamorous looks and occasion wear at great value.”
Sales in the group’s UK standalone stores and concessions increased by 15.2% to £32.3 million. The rise in sales was supported by increased traffic in store reflecting increased marketing investment.
Quiz said current trading remains strong. Ramzan added: “The group enters the important Christmas trading period with good momentum. The board remains confident of delivering growth across all channels for the full year.”
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