Quiz [IRDX RQUI] this week reported revenue of £56.1m in the first half of its financial year, 35% up on the the same time last year – with online sales up by more than 200% at the same time.
The fast fashion retailer, a Top100 trader in IRUK Top500 research, said its strong growth in sales reflected its moves to expand its omnichannel brand both within the UK and in international markets.
Its online growth, which came in £13.8m in the six months to September 30, up by 204% on the same time last year, reflects sales made through its own websites as well as through third-party sites. It also reflects, says Quiz, the benefit of opening a new distribution centre in summer 2016 as well as increased marketing spend, particularly online, and wider product ranges.
The retailer launched its first localised website for an international market in Spain, in September 2017, while it also opened its first three standalone international stores in Spain. It is also selling through the Next and Zalando websites and expects to open an Irish store in the run up to Christmas.Its international franchise operations grew in the first half to 76 outlets from 65 previously, and overall international sales grew by 25% to £10m.
Sales from its UK standalone stores and concessions grew to £32.3m in the first half, 15% up on last time. It now plans to open five stores ahead of Christmas, on a return-on-investment strategy.
“We are very pleased with the Quiz brand’s strong growth across target markets and channels, with online in particular experiencing continued outstanding momentum,” said Tarak Ramzan, chief executive of Quiz. “Our IPO in July 2017 was a hugely important milestone for the company as we continue to build the Quiz brand as a global fast-fashion destination for customers who want the latest looks at outstanding value. The Quiz brand has a distinct USP, a strong customer connection and fast-fashion in its DNA. Our customer base is growing strongly and we are confident of delivering further growth.”
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- Image courtesy of Quiz