Quiz says it expects to return to profitability in its just-ended financial year, boosted by a fourth quarter in which more shoppers bought its clothing both in-store and online. Full price sales were strong as its customers dressed up as more weddings, social occasions and holidays took place than last year.
The multichannel retailer, which specialises in clothing for formal occasions and going out, was hard hit during pandemic lockdowns and trading restrictions as demand for the occasion wear and dressy casual clothing that it sells fell away. In the year to March 31 2021, sales fell by two-thirds to £39.7m, and it reported a top-line pre-tax loss of £9.6m, although an exceptional gain of £15.6m through the sale of its Kast Retail subsidiary meant it declared bottom line pre-tax profit of £6m.
Since then, Quiz sales have improved steadily and today the retailer says the positive momentum in sales that it saw in the run-up to Christmas continued through the fourth quarter of its financial year. Shoppers bought more clothing at full price as they went to more weddings and events – and on holiday – more than in the previous year.
Now it expects that revenue for the year to March 31 2022 will come in at about £78m – around 96% higher than last year – while it also expects to report a pre-tax profit of at least £0.5m.
Looking ahead, the retailer says in a trading update today: “Encouraged by the positive performance delivered during the year, which highlights the strength and awareness of the Quiz brand and the growing customer demand for its trademark dressy and occasion wear offering, the board is confident in the group’s continued profitable revenue growth.”
Quiz, founded in Glasgow in 1993 by Tarak Ramzan, sells online and through 73 stores and 174 concessions in the UK, as well as through international franchises and wholesale arrangements.