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Quiz sales soar thanks to omnichannel model

Quiz has posted a 17% rise in full-year revenues to £91.7 million, thanks to the demonstrated benefits of its omnichannel strategy.

In the 12 months ended 31 March 2023, the fashion retailer reported a pre-tax profit rise to £2.3 million, compared with £800,000 in the same period last year, whilst EBITDA grew 21% from £5.1 million last year to £6.2 million.

The company also revealed its ecommerce sales grew 13% in the period, with active customers increasing 11%.

“Our FY 2023 results reflected a strong recovery in consumer demand for Quiz’s occasion-wear-led product offering, resulting in positive sales and profit growth,” Quiz founder and CEO Tarak Ramzan said.

“The past year once again demonstrated the benefits of the group’s omnichannel model as we saw encouraging revenue growth across stores and online.”

However, the company added that it has seen its year-on-year growth moderate amid the ongoing cost-of-living crisis, resulting in like-for-like revenues being lower compared to last year.

Ramzan added: “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.”

As a result, the omnichannel retailer expects its pre-tax profit in its current financial year to be similar to the previous year.

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