Quiz returns to profit after Covid slump as fast-fashion shoppers buy more occasion wear and going-out dresses
- Quiz reported a profit of £800,000 for last year, after a stinging loss previously
- Revenue swelled to £78.4m, up from £39.7m a year earlier, the group said
Quiz swung back to a profit over the past year, as Covid-19 restrictions were lifted and shoppers resumed social events.
In the year to the end of March, the group raked in a pre-tax profit of £800,000, up from a loss of £9.6million the year before.
Revenue swelled to £78.4million, up from £39.7million a year earlier, the group’s latest annual results showed.
Results: Quiz swung back to a profit over the past year, its latest annual results revealed
Fast-fashion group Quiz said: ‘The lifting of social restrictions resulted in sales progressively improving during the year and by the second half they had returned to the levels achieved prior to the disruption caused by Covid 19 on a like-for like basis.’
The group enjoyed stronger demand for occasion wear and dressy wear, ‘which are at the centre of the Quiz brand’.
Total sales via its own website increased by 66 per cent over the period, while ‘active’ customer numbers also increased.
But Quiz warned there was potential for sales to slow later in the year amid inflationary pressures and the cost of living crisis.
Quiz shares rose today and were up 1.93 per cent or 0.20p to 10.45p in late morning trading, having fallen by around 5 per cent in the past year.
Founder and chief executive Tarak Ramzan said: ‘The group delivered a very encouraging FY 2022 performance with very strong revenue growth and a return to profitability.
‘This outcome reflects increased demand for Quiz’s product offering and was supported by the decisive actions we have taken in recent years to transform the business and successfully leverage the group’s omni-channel model and infrastructure.
‘We are very pleased with the strong uplift in active customers and sales growth through our own website, which is now supported by a flexible and profitable portfolio of stores and concessions.’
Looking ahead, the group said: ‘The Board remains confident the Group can continue to deliver against its strategy and drive long-term sustainable and profitable growth despite the current challenging trading backdrop.’