Quiz swings to profit as sales rebound post-pandemic

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Quiz has swung back into the black as sales rebounded in its stores, concessions and online following the disruption of the pandemic.

Quiz Westfield Stratford

Revenues from Quiz’s UK stores and concessions rose 48% to £24.6m

The fashion retailer posted a pre-tax profit of £1.8m for the six months to September 30, compared to a £1.3m loss during the same period a year ago.

EBITDA swelled from £700,000 to £3.7m, as group revenues jumped 37% to £49.4m.

Quiz, which was rescued from collapse in a pre-pack administration two years ago, registered sales gains across all of its main channels but admitted the figures were flattered by “softer prior year comparatives” as a result of disruption during the Covid-19 crisis.

Revenues raked in from its UK stores and concessions surged 48% to £24.6m, as demand returned to pre-pandemic levels on a like-for-like basis.

Online sales jumped 29% to £16.1m, driven by the performance of its own website – active customer numbers buying through quizclothing.co.uk climbed 14% on March levels, as investments in digital marketing bore fruit.

International sales – Quiz operates stores and concessions in Ireland and has a franchise business in 20 countries – were up 26% to £8.7m.

Quiz added that in the two months following its first half, which included the Black Friday trading period, it recorded sales of £16m. That total marked a dip from the £16.2m raked in last year, but was “broadly in line with management expectations”.

The retailer cautioned that it was “not immune to the widely reported cost of living and inflationary pressures impacting across the sector”, which made it “difficult to predict” the short-term outlook.

However, it insisted that despite “volatility in demand”, it expects to report full-year results “at least in line with market expectations”.

Quiz boss Tarak Ramzan said: “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 omnichannel model, fantastic brand and unique occasion wear offering, Quiz is positioned well for long-term, sustainable and profitable growth.”