Quiz to return to profitability
Quiz is forecasting a return to profitability with full year revenue ahead of expectations after strong sales across its Christmas trading period continued into the final quarter of its financial year.
In a trading update for the year to 31 March, the fashion retailer said its stores, concessions and online channel all performed well. This meant that like-for-like revenues in the period were broadly consistent with those generated two years ago prior to the Covid-19 pandemic.
As a result, total full year revenue is expected to come in at £78 million.
Quiz also said its gross margin in its final quarter was consistent with the same period in its 2019 financial year. This was driven by a strong full-price sell through of its trademark occasionwear and dressy casualwear items.
The retailer now anticipates reporting a return to profitability in the year with an EBITDA of no less than £4.3 million and a pre-tax profit of no less than £0.5 million.
Looking ahead, Quiz said: “Encouraged by the positive performance delivered during the year, which highlights the strength and awareness of the Quiz brand and the growing customer demand for its trademark dressy and occasion wear offering, the board is confident in the group’s continued profitable revenue growth.”