{"id":231490,"date":"2023-04-17T10:00:10","date_gmt":"2023-04-17T09:00:10","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=231490"},"modified":"2023-04-17T17:24:21","modified_gmt":"2023-04-17T16:24:21","slug":"quiz-full-year-revenues-rise-despite-inflationary-pressures","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/quiz-full-year-revenues-rise-despite-inflationary-pressures\/","title":{"rendered":"Quiz full-year revenues rise despite inflationary pressures"},"content":{"rendered":"

Womenswear brand Quiz<\/a><\/span> has reported a 17% increase in revenue to \u00a391.7 million for the year ending 31 March 2023, reflecting a rise in consumer demand in early FY23.\u00a0<\/strong><\/p>\n

<\/p>\n

The company's sales in the UK increased 23% to \u00a345 million,\u00a0international revenues rose 10% to \u00a316.4 million, and online sales were up 12% to \u00a329.8 million.<\/p>\n

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 \u00a32 million.<\/p>\n

In the early months of FY23, the group\u2019s revenue growth benefited from a \"strong recovery\" in consumer demand for Quiz\u2019s products following the removal of pandemic-related social restrictions.<\/p>\n

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.<\/p>\n

The company\u2019s board believes that external headwinds may impact consumer demand across the group\u2019s sector over the coming months, reducing its visibility for FY24.<\/p>\n

Tarak Ramzan, CEO of Quiz<\/a>, 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.<\/p>\n

\"This outcome, which was achieved despite the challenging market backdrop in recent months, is a strong testament to our flexible model and differentiated brand.<\/p>\n

\"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.\"<\/p>\n","protected":false},"excerpt":{"rendered":"

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