Quiz full-year profits and sales have jumped as the retailer benefitted from the end of Covid restrictions, however sales plunged 15% in the first quarter of its current financial year.
The retailer said the sales fall in the quarter to 30 June reflected the strong comparatives it was up against, as well as “the impact of the macroeconomic uncertainty and inflationary pressures on consumer demand”.
The retailer expects that profits will remain flat year on year.
However, it pointed out that its like-for-likes over the period were “broadly consistent” with pre-Covid levels.
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Over the year to 31 March, Quiz sales soared 17% as it profits rose from £800,000 to £2.3m amid growing demand for the brand’s signature occasionwear.
It saw online growth throughout the year, with sales up 13% via the Quiz website, which “offers significant long-term profitable growth potential for the group”.
The retailer, which trades from 62 UK and 5 Irish stores, is planning to open 10 new stores this year. While focusing on acquiring stores in shopping centres, it will also open on the high street, as long as it can find the right occupational costs.
Quiz founder and CEO Tarak Ramzan said: “The trading environment in the opening months of the new financial year has been tough reflecting the widely publicised external economic factors impacting consumer demand.
“Whilst this challenging backdrop is expected to continue into the second half, the board remains confident that the group’s omnichannel business model and differentiated brand will enable the group’s long-term success and profitable growth.”
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