// Quiz quarterly sales skyrocket 311.9% to £17.3m year-on-year
// Online sales surged to £6.4m from £3.4m a year previously
// UK store sales skyrocketed to £7.3m compared to £200,000 while international revenues improved to £3.7m against £500,000
Quiz has cited the end of lockdown on non-essential retail as the reason behind its skyrocketing quarterly sales, but warned of ongoing challenges.
The fashion retailer said that in the three months to June 30, total sales had come in at £17.3 million, against £4.2 million a year previously – a 311.9 per cent jump.
Quiz, which trades online and has stores and concessions in the UK and Ireland, said the performance was “consistent with the board’s expectations”.
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Quiz said its online sales surged to £6.4 million from £3.4 million a year previously, a period which saw the whole of the UK under its first nationwide lockdown.
Meanwhile, UK store sales skyrocketed to £7.3 million for the quarter compared to £200,000 last year, and international revenues improved to £3.7 million against £500,000 last year.
Quiz acknowledged that the first quarter of 2020 had been “severely impacted” by the first wave of the Covid-19 pandemic, with all its UK stores and concessions closed until late June that year.
It did not provide a comparison with 2019 sales.
The retailer now has 61 UK stores, 13 less than it had at the start of March 2020, and confirmed that it has moved to turnover-based rent for most of its stores.
It also now as only 45 UK concessions against 143 a year previously, after being rocked by the collapse of Debenhams.
“During the period, the group benefited from the Debenhams concessions trading for a short period prior to their closure allowing for the clearance of most of the group’s stock associated with these concessions,” Quiz said in a statement.
It added: “The group continues to focus on identifying and delivering new opportunities to profitably grow revenues through its own website and store network, as well as by working with new partners.
“The group looks forward to the further relaxation of restrictions on social activities, which the board believes will result in increased demand for Quiz’s ranges which had traditionally provided popular options for social events and celebrations.”
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