Quiz reports 17% increase in annual sales
Fashion retailer Quiz has grown its full year revenue by 17% to £91.7 million after its occasion wear offering was boosted by the absence of Covid-19 related restrictions.
In the year to 31 March, pre-tax profit increased to £2.3 million from £0.8 million while EBITDA rose by 21% to £6.2 million.
During the year, the retailer continued to deliver online growth with a 13% increase in sales through its own website. It also grew its number of active customers, which climbed by 11% as demand rose for its occasion wear offering.
Tarak Ramzan, founder and chief executive of Quiz, said: “Our FY 2023 results reflected a strong recovery in consumer demand for Quiz’s occasion-wear-led product offering, resulting in positive sales and profit growth.
“The past year once again demonstrated the benefits of the group’s omni-channel model as we saw encouraging revenue growth across stores and online.
“We continue to firmly believe that the Quiz brand has a clear, differentiated position in the market and continues to resonate with a broad age range of customers.”
The retailer has seen its year-on-year growth moderate during the current calendar year as inflationary pressures continue to impact consumer confidence. This has resulted in like-for-like revenues in recent months being lower than the previous year. In the three months to 30 June, total sales declined by 15.1% to £23.2 million.
Quiz now expects pre-tax profit its current financial year to be similar to that generated in the previous year.
Ramzan added: “The trading environment in the opening months of the new financial year has been tough reflecting the widely publicised external economic factors impacting consumer demand. Whilst this challenging backdrop is expected to continue into the second half, the board remains confident that the group’s omnichannel business model and differentiated brand will enable the group’s long-term success and profitable growth.”
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