Quiz’ latest figures show the fashion brand recovering from the effects of Covid-19. The retailer was hard hit when shops closed and social occasions were restricted during the Covid-19 pandemic. But it says today that in the six months from April 1 it saw demand continue to return for its dressy clothing and occasion wear.
Quiz today reports revenues of £49.4m between April 1 and September 30 2022. That’s 37.2% – or £13.4m – higher than the previous year. That growth reflects, says Quiz, its continued appeal to customers. Sales, it says, continued to rebound from Covid-19 related social restrictions over the six month period. Profit margins also benefited as demand for full-price products recovered.
However, in common with other fashion retailers, Quiz saw the pace of growth fall back during August and September as it felt the effect of inflation on consumer confidence.
The fastest growth of the period came in store, where sales of £24.6m were 48.2% ahead of the same time last year. Quiz had 62 shops in the UK as of September 30 2022 – one more than a year earlier – and 62 concessions, down from 70 the previous year.
Online sales of £16.1m were 28.8% ahead of last time. That includes £11.3m from its own websites and £4.8m from third-party websites. International sales of £8.7m were 26.1% up on last time. The retailer now has six shops and 15 concessions in Ireland, and plans to build from there.
Quiz says that it is confident that its strategy of selling glamorous clothes at a value price will continue to appeal, although it adds that as yet “it remains uncertain what impact the current cost of living pressures will have on consumers’ disposable income and on their demand for Quiz products over the remainder of the group’s financial year”. So far it is pleased with the growth across channels but says its figures for the year to March 31 will depend on Christmas trading. Currently it expects to meet market expectations.
Quiz, which is led by chief executive Tarak Ramzan, concludes in today’s trading update: “The board is pleased with the strong growth recorded across all channels during the period, which supports the group’s omnichannel business model. It remains confident that the brand will continue to increase its appeal and looks forward to achieving continued profitable revenue growth.”
Joules: ‘making progress’ on turnaround plan
Joules says it’s making good progress on developing a turnaround plan that focuses on higher profitability. Its strategy includes improving its pricing and promotional strategy, focusing on the most profitable product categories that have a shorter time to market, and improving the group’s mix of sales channels. It also says it is making progress in simplifying the business while managing costs.
The lifestyle fashion and homewares brand says today that it continues to look at financing options, which range from an equity raise to a CVA (company voluntary agreement).
