Quiz full year profits down
Fast fashion retailer Quiz has seen its full year pre-tax profit decline by 97% to £0.2 million after facing what it described as volatile trading conditions.
In the year to 31 March, group revenue climbed by 12% to £130.8 million as online sales increased by 34% to account for 31.4% of revenue.
While sales from UK stores and concessions rose by 4% to £66.9 million, international sales climbed by 8%.
Tarak Ramzan, founder and chief executive of Quiz, said: “Despite the challenges faced by the group during the period, Quiz’s focus has remained as strong as ever on delivering great products at outstanding value, thereby strengthening our brand’s positive reputation amongst a growing customer base. As a result, we have continued to achieve sales growth across our omnichannel model both in the UK and internationally.”
During the year, Quiz opened three new stores and 25 concessions. It also invested in its online offering with the launch of the Quiz VIP delivery pass and a platform to improve payment options and enhance customer personalisation. In addition, the retailer expanded its ranges with the launch of menswear, swimwear and petite collections.
In March Quiz announced that it was reviewing all parts of its business as it looked to mitigate the effects of slower than expected growth.
Today Ramzan said: “We have concluded this review process with sharpened focused and a clearer vision of what is required to ensure that Quiz succeeds in a dynamic retail sector and achieves its strategic objectives.
“The Quiz brand continues to gain momentum with a growing customer base. Whilst trading conditions have remained challenging in the year to date, the Board remains confident that underpinned by our flexible business model and an increasing online focus, the group can return to sustainable profitable growth.”
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