Quiz has announced double-digit sales growth in its first full year of sales since going public, reflecting the growing dominance of fast fashion brands.
In the year to March 31 2018 the fashion retailer revealed a total sales jump of 30 per cent to £116.4 million, reportedly inline with expectations.
This was largely driven by a huge increase in online sales, rising 158 per cent to £30.6 million. Quiz attributed this substantial jump to increased marketing spend over the year as well as strong sales through third party websites.
Underlying international sales also saw a 32 per cent rise to £21.2 million thanks to store openings in Spain and Ireland.
UK sales also continued to expand by 12 per cent to £64.6 million, driven in equal parts by strong like-for-like sales and the new store openings. Over the period Quiz opened five new standalone stores and seven new concessions.
“We are delighted to have successfully completed our first financial year since our IPO in July,” chief executive Tarak Ramzan said.
“This strong performance reflects the growing strength of the Quiz brand and the continued growth across each of our sales channels and target markets.
“We look forward to expanding the Quiz brand as a global fast-fashion destination for customers who want the latest looks at outstanding value with initiatives such as the launch of own language international websites and the continued expansion of our product range.
“We are confident that the Quiz brand’s distinct USP, strong customer connection and fast-fashion credentials provides a strong foundation for delivering future growth.”