Quiz full-year revenues rise despite inflationary pressures
Womenswear brand Quiz has reported a 17% increase in revenue to £91.7 million for the year ending 31 March 2023, reflecting a rise in consumer demand in early FY23.
The company's sales in the UK increased 23% to £45 million, international revenues rose 10% to £16.4 million, and online sales were up 12% to £29.8 million.
Gross margins for the year were in line with management expectations and consistent with those recorded in the previous year. As a result, the group anticipates reporting increased profitability in FY23 with a pre-tax profit of around £2 million.
In the early months of FY23, the group’s revenue growth benefited from a "strong recovery" in consumer demand for Quiz’s products following the removal of pandemic-related social restrictions.
However, inflationary pressures began to impact consumer confidence, meaning that like-for-like revenues in February and March 2023 were lower than the previous year.
The company’s board believes that external headwinds may impact consumer demand across the group’s sector over the coming months, reducing its visibility for FY24.
Tarak Ramzan, CEO of Quiz, said: "The group delivered a good performance in FY23 achieving revenue growth across each of its channels reflecting the strength of Quiz's trademark dressy and occasion wear product offering.
"This outcome, which was achieved despite the challenging market backdrop in recent months, is a strong testament to our flexible model and differentiated brand.
"Whilst the external trading environment is expected to remain challenging in the near term, we remain highly confident in the group's long-term prospects."