In a trading update today (5 July), Quiz says revenues jumped to GBP78.4m (US$94.3m) for the 12 months to 31 March from GBP39.7m a year earlier.
“Group revenue increased 97% year-on-year further to the removal of social restrictions, which led to an increased demand for our product offering as well as a reduction in the amount of time that stores and concessions were closed,” the brand notes.
Quiz also highlights strong online growth, with a 66% increase in sales through its own website, while active customers increased 74% on the prior financial year in line with demand for the brand’s core occasionwear offering.
Pre-tax profit, meanwhile, amounted to GBP0.8m as Quiz swung back into the black from a loss of GBP9.6m the prior year.
Higher levels of full-price sales resulted in an increase in gross margin at 60.3%, consistent with the gross margin generated in the year prior to the pandemic, from 53.4% in FY 2021.
Tarak Ramzan, founder and CEO, says: “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.
“Despite the well-documented challenges across the retail sector, we remain encouraged by customer demand for the Quiz brand, with sales up by 62% in the year to date. Whilst there are significant levels of uncertainty impacting the consumer right now, we are confident that Quiz is well-positioned to continue to deliver against its strategy and drive long-term, sustainable and profitable growth.”
Revenues in the three months to 30 June increased 62% on the prior year and were consistent with the levels generated prior to the Covid-19 disruption on a like-for-like basis.
Quiz adds, however, there is potential for sales later in the year to be impacted by the effect of the inflationary environment and increases in the cost of living on consumer confidence.
The retailer recently introduced a new sustainable clothing range, designed and manufactured in the UK, featuring yarns derived from recycled components.