// Pretax profits fell 97 per cent for the full year
// Group revenue rose 12 per cent thanks to rise in online sales
// CEO believes focus on online business will bring Quiz back into profit
Fast fashion retailer Quiz saw full year pre-tax profits drop 97 per cent to £0.2 million after contending with “volatile trading conditions”.
The Glasgow company, which operates more than 275 stores in the UK, saw profit before tax fall from £8.5 million in 2018 to £0.2 million in the year to March 31 2019.
While group revenue rose 12 per cent to £130.8 million and EBITDA dropped 65 per cent to £4.2 million.
Quiz noted online revenue was up 34 per cent year on year to £41 million from £30.6 million last year, and international sales rose 8 per cent to £22.9 million.
“Despite the challenges faced by the group during the period, Quiz’s focus has remained as strong as ever on delivering great products at outstanding value, thereby strengthening our brand’s positive reputation amongst a growing customer base,” said Quiz founder and chief executive Tarak Ramzan.
“As announced in March, the board and senior management team have carefully reflected on our business, strategy and prospects to ensure that we are able to navigate what remains a volatile trading environment and restore profitable growth. We have concluded this review process with sharpened focused and a clearer vision of what is required to ensure that Quiz succeeds in a dynamic retail sector and achieves its strategic objectives.
“The Quiz brand continues to gain momentum with a growing customer base. Whilst trading conditions have remained challenging in the year to date, the board remains confident that underpinned by our flexible business model and an increasing online focus, the group can return to sustainable profitable growth,” Ramzan added.
Across the year to March 31 Quiz opened three new standalone stores ad 25 concessions, and closed two standalone stores and one concession.
Earlier this week Quiz unveiled a brand new 2200sq ft store in Manchester Arndale Shopping Centre, creating 10 new jobs in the area.
The Arndale centre comprises of 1.6 million sq ft of retail space and captures 40 million annual visitors.