Quiz posts strong revenue growth
Fashion retailer Quiz increased its first half revenue to £36 million from £17.2 million a year earlier after the removal of social distancing restrictions drove demand for more dressy clothing items.
In the six months to 30 September, underlying EBITDA profit came in at £0.7 million compared to a loss of £3.3 million a year earlier.
However, the company swung to a reported loss of £0.3 million from a profit of £10.6 million at the same time in the previous year.
Quiz said a higher level of full price sales and reduced discounting in the period resulted in its gross margin increasing to 57.5% from 51.7% in the first half of last year.
The company experienced strong sales growth of 43% through its own website and saw a 27% uplift in total online sales. In addition, it grew its number of active customers by 30% year-on-year.
Giving an update on more current trading, Quiz said sales were up 108% in the two months to 30 November.
Tarak Ramzan, founder and chief executive of Quiz, said: “Quiz has delivered an encouraging set of results during the period with strong cash flows generated and a return to positive EBITDA. The removal of the social restrictions resulted in a substantial uplift in revenues in the Period, as customer demand for the brand’s dressy and occasion wear returned.
“The positive steps taken over the last 18 months with regards to restructuring our business, tight cost control and inventory management have all proved beneficial.
“Whilst there continues to be uncertainty in the short-term we remain confident in the strength of our brand and are highly confident that the clear demand for QUIZ’s trademark occasion-wear will support continued profitable growth.”
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