Quiz revenue reaches £36m thanks to reduced discounting

Sales were up 108% in the two months to November 30
// Quiz first half revenue rises to £36m from £17.2m a year ago
// The fashion retailer reported a higher level of full price sales and reduced discounting

Quiz has reported a rise in first half revenue to £36 million from £17.2 million a year ago, after the removal of restrictions drove demand for occasionwear.

In the six months to September 30, underlying EBITDA profit came in at £700,000, compared to a loss of £3.3 million a year earlier.

Despite the improvement, Quiz reported a loss of £300,000 from a profit of £10.6 million at the same time in the previous year.

READ MORE: Quiz losses deepen due to Covid store closures

The fashion retailer said a higher level of full price sales and reduced discounting in the period resulted in its gross margin increasing to 57.5 per cent from 51.7 per cent in the first half of last year.

The company experienced strong sales growth of 43 per cent through its website and saw a 27 per cent uplift in total ecommerce sales.

In addition, it grew its number of active customers by 30 per cent year-on-year.

Quiz said sales were up 108 per cent in the two months to November 30.

“Quiz has delivered an encouraging set of results during the period with strong cash flows generated and a return to positive EBITDA,” Quiz founder and chief executive, Tarak Ramzan said.

“The removal of the social restrictions resulted in a substantial uplift in revenues in the Period, as customer demand for the brand’s dressy and occasion wear returned.

“The positive steps taken over the last 18 months with regards to restructuring our business, tight cost control and inventory management have all proved beneficial.

“Whilst there continues to be uncertainty in the short-term we remain confident in the strength of our brand and are highly confident that the clear demand for Quiz’s trademark occasionwear will support continued profitable growth.”

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