QUIZ defies tough market with sales up 19%
Fast fashion multi-channel retailer QUIZ has defied tough market conditions with a 19% rise in sales in the six months to 30 September.
During the period group revenue hit £66.7m, up from £56.1m, driven by continued growth across all channels. Online revenue increased 44% to £20m, international sales increased 16% to £11.6m, while revenue from UK stores and concessions increased 9% to £35.1m. EBITDA increased 11% period on period to £5.6m.
QUIZ said online sales now accounted for 30% of group revenues with QUIZ website sales up 70% and website traffic up 58% year-on-year. Its online customer base increased 89% period on period to 495,000.
During the period the business successfully launched its QUIZMAN business, as well as its QUIZ Curve and Occasion collections, along with its second collaboration with reality show TOWIE, which was supported by its first ever TV advertising campaign.
Founder and chief executive Tarak Ramzan said: "QUIZ has continued to deliver good revenue growth in the first half of the financial year despite challenging external market conditions. This performance was driven by further expansion across each of the brand's distribution channels with particularly strong sales generated online through QUIZ's websites.
""The QUIZ brand continues to grow, and we have seen good sales momentum in our core collections as well as across extended ranges including QUIZCurve, Occasion and our newest range, QUIZMAN. Towards the end of the period we launched our second collaboration with TOWIE supported by the Group's first ever national TV advertising campaign.
"QUIZ has a clear customer focus, a proven "test and repeat" model and a dedicated management team. With these strengths, and despite a challenging market environment, the Board believes the Group is well positioned to deliver long-term profitable growth."