Fashion retailer Quiz has reported a 17% increase in group revenues to £91.7 million, attributing the rise to the removal of coronavirus-related social restrictions.
In the year to 31 March, the retailer reported a 12% rise in online sales to £29.8 million, compared with £26.7 million in the same period last year.
UK in-store and concession sales climbed by 23% from £36.8 million last year to £45.5 million, despite inflationary pressures beginning to impact consumer confidence, the omnichannel retailer revealed.
This comes as the retailer reported like-for-like revenues in February and March this year were lower than in previous years due to the ongoing cost-of-living crisis and rising inflation.
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According to Quiz, the year’s pre-tax profit is expected to be at least £2 million compared with £800,00 in the same period last year.
“The group delivered a good performance in FY23 achieving revenue growth across each of its channels reflecting the strength of Quiz’s trademark dressy and occasion wear product offering,” Quiz CEO Tarak Ramzan said.
“This outcome, which was achieved despite the challenging market backdrop in recent months, is a strong testament to our flexible model and differentiated brand.
“Whilst the external trading environment is expected to remain challenging in the near term, we remain highly confident in the group’s long-term prospects.”
The retailer continued also expects the widely reported and significant pressures on consumer spending seen in recent months to continue into the new financial year.
As a result, the board believes these external headwinds may “impact consumer demand across the group’s sector over the coming months, reducing its visibility for FY24.”
Notwithstanding this, the board remains “highly confident” that the strength of the group’s model provides a “solid basis for future growth.”
Image credit: Quiz
