QUIZ, the newly listed fast fashion brand, has posted a 30% increase in sales to £116.4m in the year ending 31 March 2018, it revealed in a trading update this morning.
The Glasgow-based business which floated on London’s junior stock market AIM last July said its growth continued to be fuelled by its omni-channel approach and its expansion in the UK and select international markets,
Online sales (which includes sales via its own site and third party websites) were up 158% at £30.6m, while international sales were up 32% to £21.2m and UK stores and concessions sales were up 12% at £64.6m.
QUIZ said that its sales growth in the UK, where it operates 71 stores and 147 concessions, was achieved in equal parts through strong like-for-like growth and through the opening of new stores and concessions,
Chief executive Tarak Ramzan said the business was “delighted” to complete its first financial year since its IPO. “This strong performance reflects the growing strength of the QUIZ brand and the continued growth across each of our sales channels and target markets,” he said.
“We look forward to expanding the QUIZ brand as a global fast-fashion destination for customers who want the latest looks at outstanding value with initiatives such as the launch of own language international websites and the continued expansion of our product range. We are confident that the QUIZ brand’s distinct USP, strong customer connection and fast-fashion credentials provides a strong foundation for delivering future growth,” Ramzan added.
QUIZ will release its full results for the year to 31 March on 5 June.