// Quiz returns to annual profit thanks to recovering demand for party wear post-pandemic
// Revenues nearly doubled to £78.4 million from £39.7 million the year before
Quiz has returned to full year profit as revenues were boosted by the removal of Covid restrictions and increased demand for its occasion wear.
But the fashion retailer warned that there was potential for sales later in the year to be dented as the cost-of-living crisis continues and inflation surges.
The group posted underlying pre-tax profits of £788,000 for the year to March 31 against losses of £9.6 million the previous year.
Revenues almost doubled to £78.4m from £39.7m the year before thanks to the end of coronavirus restrictions and with less lockdown disruption for stores and concessions.
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The retailer also grew its number of active customers by 74% and saw a recovery in its international revenues, which were up 96% in the period.
Quiz founder and chief executive Tarak Ramzan said: “The group delivered a very encouraging FY 2022 performance with very strong revenue growth and a return to profitability.
“This outcome reflects increased demand for Quiz’s product offering and was supported by the decisive actions we have taken in recent years to transform the business and successfully leverage the group’s omnichannel model and infrastructure.”
Quiz said revenues in the three months to 30 June climbed by 62% on the prior year.
Ramzan added: “Whilst there are significant levels of uncertainty impacting the consumer right now, we are confident that Quiz is well positioned to continue to deliver against its strategy and drive long-term, sustainable and profitable growth.”
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