Quiz’s half-year growth boosted by 204% surge online

Quiz update

Quiz has recorded strong growth in its first half, in a period that was defined by the retailer going public with a listing on  the London Stock Exchange‘s AIM market.

In a pre-closing trading update for the six month period to September 30, the womenswear retailer recorded a 35 per cent increase in group revenue  to £56.1 million compared to the same period last year.

The Glasgow-based retailer did not reveal how much of an impact its public listing — when it entered its ordinary shares to the market with a capitalisation of £200 million in July — had on its revenues, but instead said its performance was influenced by growth across its UK and international markets.

Quiz’s online revenue – both from its own website and through a number of third party websites – also skyrocketed 204 per cent to £13.8 million, compared to £4.5 million in the first half of its 2016 fiscal year.

Sales from its own ecommerce platform alone increased by 122 per cent this year.

The retailer said its online growth was boosted by the opening of a new 180,000sq ft distribution centre in the summer last year, increased marketing spend, and the broadening of the product ranges available to customers.

Sales in its UK standalone stores and concessions increased by 15 per cent to £32.3 million in its first half, compared to £28.1 million last year.

While the retailer opened one new standalone store and four new concessions with existing partners in that period, it is aiming to open a further five standalone stores before Christmas in-line with its strict return-on-investment roll-out strategy. Quiz also closed one standalone store and four concessions in the same period.

Internationally, Quiz launched a new localised website in Spain as well as three new bricks-and-mortar stores in Madrid, established a presence on Zalando’s German website, and grew its international franchise operations from 65 units to 76 units around the world.

Its international sales for the first half of this year increased by 12 per cent – or 10 per cent at constant currency rates – to £10 million compared to last year’s £8.9 million.

Quiz added that gross margins remained in-line with expectations.

The firm intends to unveil its interim results for its first half on November 22.

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