Quiz half-year profits & sales increase despite tough market conditions

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Quiz half-year

Quiz has managed to book a rise in profits and sales in its interim results despite enduring “challenging external market conditions”.

For the half-year period ending September 30, the fast fashion retailer raked in £66.7 million in group revenue, a 19 per cent year-on-year rise, driven a 44 per cent surge in online sales, 16 per cent rise in international sales, and nine per cent rise in UK stores and concessions.

Meanwhile, profit before tax rose four per cent year-on-year to £3.8 million, and EBITDA increased 11 per cent year-on-year to £5.6 million.

However, underlying profit before tax dropped 11 per cent to £4.2 million while underlying EBITDA dipped two per cent to £5.9 million.

Quiz said online sales now represent 30 per cent of its group sales, compared to 25 per cent during the first half last year, which was boosted by an 89 per cent increase in active online customers.

Additionally, Quiz opened another two stores and 13 concessions during the half-year period and the retailer launched its menswear range QuizMan.

The retailer’s half-year performance comes after it issued a profit warning last month on the back of a fall in share prices and House of Fraser’s store closures.

“Quiz has continued to deliver good revenue growth in the first half of the financial year despite challenging external market conditions,” founder and chief executive Tarak Ramzan said.

“This performance was driven by further expansion across each of the brand’s distribution channels with particularly strong sales generated online through Quiz’s websites.

“The Quiz brand continues to grow, and we have seen good sales momentum in our core collections as well as across extended ranges including QuizCurve, Occasion and our newest range, QuizMan.

“Towards the end of the period we launched our second collaboration with TOWIE supported by the Group’s first ever national TV advertising campaign.”

Ramzan added that he believed Quiz was well-positioned to deliver “long-term profitable growth” despite the tough market conditions.

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