Quiz sees 48% increase in H1 retail revenues
Omni-channel fashion brand Quiz has reported a significant increase in profitability and a strengthened cash position in the H1 period ending 30 September 2022.
The group saw revenues increased 37% to £49.4m, a rise of £13.4m compared to £36.0m in the previous year, reflecting stronger consumer demand for the Quiz brand. The company said the revenues rise is likely higher than expected due to "softer prior year comparatives as a result of COVID-19 related disruption".
Gross margin also increased 410bps to 61.6%, returning to H1 2020 levels, reflecting improved full-price sell-through.
Operating costs, which includes administrative and distribution costs, increased by only 25%, compared to the 37% increase in revenues, as the group was able to leverage off its existing infrastructure.
Revenues from each of the group's channels included:
- UK store and concession revenues increased 48% to £24.6m
- Online revenues increased 29% to £16.1m driven by sales through Quiz's own website
- Active customers on the Quiz website increased 14% since March 2022
- International revenues increased 26% to £8.7m
Tarak Ramzan, Founder and Chief Executive Officer, commented: "The Quiz brand has performed well in the first half of the year, with strong year on year sales growth of 37% supporting increased profitability and a strong cash position. Active customers increased 14%, reflecting the appeal of our differentiated and value brand.
"Whilst we will not be immune to the widely publicised cost of living pressures on the consumer in the second half of the year, I remain confident that supported by our omni-channel model, fantastic brand and unique occasion wear offering, Quiz is positioned well for long-term, sustainable and profitable growth."
Quiz also revealed that sales for the two months to 30 November 2022, which includes the Black Friday sales period, totalled £16.0 million, dropping £200,000 from 2021 and were broadly in-line with management expectations with demand in recent weeks helping to offset weaker than anticipated revenues in October.