Quiz posts strong half year sales growth
Fashion retailer Quiz saw its group revenues increase by 37% to £49.4 million in the first half of its financial year after it experienced stronger demand for its occasion and dressy casual wear.
In the six months to 30 September, the company posted a pre-tax profit of £1.8 million compared to a loss of £1.3 million a year earlier.
Meanwhile EBITDA profit rose significantly to £3.7 million from a previous £0.7 million.
Giving an update on revenue in its physical stores, Quiz said UK shop and concession revenues increased by 48% to £24.6 million and that demand reached pre-pandemic levels on a like-for like basis. Online revenues grew by 29% to £16.1 million driven by sales through the retailer’s own website
Tarak Ramzan, founder and chief executive of Quiz, said: “The Quiz brand has performed well in the first half of the year, with strong year-on-year sales growth of 37% supporting increased profitability and a strong cash position. Active customers increased 14%, reflecting the appeal of our differentiated and value brand.”
Quiz said sales for the two months to 30 November 2022, including the Black Friday sales period, totalled £16 million compared to £16.2 million a year earlier, which was broadly in line with management expectations.
Ramzan added: “Whilst we will not be immune to the widely publicised cost of living pressures on the consumer in the second half of the year, I remain confident that supported by our omnichannel model, fantastic brand and unique occasion wear offering, Quiz is positioned well for long-term, sustainable and profitable growth.”
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