Quiz sees 11% sales growth in December as demand remains strong
Quiz, the omni-channel fashion brand, saw total group sales increase 11% (£1m) year on year to £9.8m for the period between 1 December 2022 to 31 December 2022.
The performance in this period reflected "strong customer demand for Quiz's trademark dressy occasionwear" in the first Christmas period in three years not impacted by COVID-19 related social restrictions.
The stronger demand also helped offset "slightly weaker than anticipated revenues" in the weeks prior to the period and contributed to a 3% increase in revenues in the three months to 31 December 2022, which was in line with the Board’s expectations.
Sales growth in the period was driven by a 19% increase in revenues generated across its UK store and concession portfolio, totalling £6.2m. Online revenues decreased 14% to £1.8m with sales through its own website consistent with the previous year and in-line with board’s expectations.
International revenues, which comprise five stores and 18 concessions in Ireland and international franchise partners, increased 20% to £1.8m. Consistent with the group’s other revenue channels, the board said it "remains confident in the brand’s potential for long-term international growth" and continues to pursue opportunities in line with its strategy.
Group revenues in the nine months to 31 December 2022 totalled £75.2 million, representing a 23% increase on the £61.0 million generated in the equivalent period in the previous year.
Tarak Ramzan, CEO of QUIZ, commented: “We are pleased with the strong consumer demand for QUIZ and the Group’s sales performance during the important Christmas trading period. This again reflected the benefits of our omnichannel model as well as the QUIZ brand’s outstanding reputation for delivering glamorous occasionwear as great value.
“Whilst the wider trading environment is expected to be challenging over the coming months, we are confident that QUIZ is well positioned to deliver a performance at least in line with the Board’s expectations in the current financial year.”