Quiz anticipates a return to profit in FY22
Clothing retailer Quiz said it expects to have swung into profit for the first time since 2019, anticipating a profit of around £500,000 in the year to March 2022.
In the year ending March 2019, Quiz made a £600,000 profit but has since made losses of £3 million in 2020 and £10 million in 2021.
The news came as Quiz upped its revenue forecast for the year. It said that the good momentum that it had seen over Christmas had continued through the last three months.
Across the brand's physical store, concession and digital portfolio it had seen like-for-like revenues broadly consistent with those in 2019, with the brand asserting that it had largely recovered from the impacts of the COVID-19 pandemic.
As a result, revenue is expected to hit £78 million, ahead of expectations, the business said.
Over the full year gross margins were "driven by strong full-price sell-through of Quiz’s trademark occasionwear and dressy casualwear products in response to the increased prevalence of social occasions", according to the brand.
The board emphasised that the results show customer's growing demand for Quiz's trademark dressy and occasionwear offering.