Tuesday 20 August 2019

Quiz reports double-digit revenue growth after 200% jump in online sales

The womenswear retailer reported a 35.2% rise in group revenue to £56.1 million.

Quiz AIM listing plans
Quiz AIM listing plans

By Kalyeena Makortoff, Press Association City Reporter

A 200% boost to online sales helped raise half-year revenues at womenswear retailer Quiz just months after its London flotation.

Quiz – which raised £10.3 million through an initial public offering (IPO) on London’s junior AIM market in July – reported a 35.2% rise in group revenue to £56.1 million for the six months to September 30, thanks to surging sales growth across its online and international channels and continued strength in its UK business.

The Glasgow-based business, which has 70 standalone stores and 149 concessions in the UK and Ireland, has invested funds from its flotation in a company-wide expansion plan that included its online retail channel.

Digital investments seem to have paid off as Quiz reported “exceptional growth” for its online operations with a 204.6% rise in revenues to £13.8 million.

But restructuring and IPO transaction costs bit into pre-tax profits, which came in nearly flat, down 0.2% at £3.7 million.

Founder and chief executive Tarak Ramzan said: “We are pleased to report a very good performance for the Quiz brand in the first half of the financial year, with strong growth delivered across each of the brand’s distribution channels, most notably online and international.”

But its UK business, where it is set to have opened five new stores and seven additional concessions by the end of November, continues to account for the lion’s share of Quiz revenues at just under 60%.

Half-year UK revenues jumped 15.2% to £32.3 million.

Quiz also opened its first stores outside of the UK and Ireland over its first half – launching three outlets in Spain – and reported a 12.3% rise in total international sales to £10 million.

The company – which specialises in occasion wear, evening wear and casual wear for what it calls “fashion forward women” in the 16-35 age range – now boasts a portfolio of 300 standalone stores, concessions and franchises, and is now present across 20 countries.

Mr Ramzan said the company is entering the “important Christmas trading period with good momentum”.

“The board remains confident of delivering growth across all channels for the full year,” he added.

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