Quiz sees revenues rise 37.2%
Quiz has revealed a 37.2% increase in revenue to £49.4 million for the 6-month period between 1 April 2022 and 30 September 2022.
The group said its improved performance reflects the brand's "strong reputation" amongst its customers for occasionwear.
Revenues from each of the group's channels included:
- UK stores and concessions sales up 48.2% to £24.6 million.
- Online sales up 28.8% to £16.1 million.
- Online sales through Quiz's own website totalled £11.3 million.
- Online sales through third party websites totalled £4.8 million.
- International sales up 26.1% to £8.7 million.
Gross margin benefited from stronger demand for full price products and was ahead of comparable periods in recent years. This "reflects the success to date in recovering higher product costs" which, along with other costs, have been "subject to inflationary pressures" through the period, according to the brand.
As at 30 September 2022, Quiz operated 62 stores in the UK, with one store opening and one closing during the period. The group also operated 62 concessions in the UK, compared to 70 in 2021.
Looking ahead, Quiz's full year results to 31 March 2023, which will be in part dependent on trading during the Christmas period, are expected to be in line with market expectations.
In a statement, Quiz said: "The board is pleased with the strong growth recorded across all channels during the period, which supports the group's omni-channel business model. It remains confident that the brand will continue to increase its appeal and looks forward to achieving continued profitable revenue growth."