Quiz swings to interim profit
By Michele Maatouk
Date: Wednesday 07 Dec 2022
(Sharecast News) - Fashion retailer Quiz said on Wednesday that it swung to an interim profit amid increased demand for the brand.
In the six months to 30 September, the company swung to a pre-tax profit of £1.8m from a loss of £1.3m in the same period a year earlier, as revenue rose 37% to £49.4m. Quiz said the revenue jump reflects stronger consumer demand for the brand and softer comparatives in the previous year due to Covid-related disruption.
Revenues from UK stores and concessions rose 48% to £24.6m, with demand at pre-pandemic levels on a like-for-like basis. International revenues were ahead 26% at £8.7m.
Revenue from the online segment was 29% higher at £16.1m, driven by sales through Quiz's own website.
Meanwhile, active customers on the company website increased 14% since March 2022.
Founder and chief executive Tarak Ramzan said: "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.
"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 said it was still on course to deliver a full-year outcome which will be "at least in line" with market expectations.
At 0905 GMT, the shares were up 3% at 17.38p.
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