Quiz says it saw strong demand for the dressy occasionwear in the first Christmas for three years that was not affected by Covid-19 related social restrictions.
Quiz today says in a trading update covering December 1 to 31 that sales came in at £9.8m in the run up to festivities. That’s 11% up on the same time last year. Sales in its UK stores and concessions were 19% up on the same time in 2021 – when shoppers were cautious about the Omicron variant of Covid-19. But online sales were down by 14% overall – more sharply on third-party websites (-35% to £0.5m) than on its own website (+2% to £1.3m). This, says Quiz, is in line with its strategic focus on growing sales through its own website. International sales of £1.8m were 20% up on a year earlier.
Tarak Ramzan, chief executive of Quiz, says: “We are pleased with the strong consumer demand for Quiz and the group’s sales performance during the important Christmas trading period. This again reflected the benefits of our omnichannel model as well as the Quiz brand’s outstanding reputation for delivering glamorous occasionwear as great value.
“Whilst the wider trading environment is expected to be challenging over the coming months, we are confident that Quiz is well positioned to deliver a performance at least in line with the board’s expectations in the current financial year.”
So far this year – in the nine months to December 31 2022 – group revenues have come in at £75.2m. That’s 23% up on £61m a year earlier. The retailer was particularly hard hit over the pandemic as Covid-19 trading restrictions hit both its shops and the social events that give its customers a reason to shop from it.
By the end of the year Quiz had access to £12.7m in cash, including undrawn borrowing of £3.5m, which will expire in June 2023.