Quiz fails to meet expectations despite revenues rising 12%

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Quiz
// Quiz falls short of expectations despite revenues rising 12% to £130.9m for the year to March 31
// The group reported a 34% year-on-year growth in online sales
// UK stores and concessions had a 4% year-on-year growth

Quiz has revealed a 12 per cent uptick in group revenue to £130.9 million during its financial year ending March 31.

The omnichannel retailer’s trading remains consistent with the trading update issued on March 7, and the board now forecasts the group’s EBITDA to be at £4.5 million for FY 2019.

However, Quiz fell short of expectations despite rising by 12 per cent for the year.

Quiz also issued a fresh profit warning following a “significant shortfall in sales” in the first two months of 2019.

The group anticipated revenues to be around £129 million compared to its target of £133 million.

Quiz has continued to expand its presence, mainly online and across international markets.

The fashion retailer reported a 34 per cent year on year growth in online sales as they went from £30.6 million in 2018 to £41.0 million in 2019.

Meanwhile, international sales went up eight per cent, from £21.2 million to £23.0 million.

Quiz credits the growth in international sales to the opening of three new standalone stores in Spain during the previous year.

Revenue generated from Quiz’s websites increased by 58 per cent during the year.

Furthermore, due to Quiz’s 108 concessions within Debenhams, the retailer said it will continue to trade as normal Debenhams announced earlier this week it was going into administration.

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