Quiz says that it looks forward to continuing to work with Debenhams, despite the news that the department store group was this week bought out of administration by its lenders.
In Quiz’s latest financial year, to March 31 almost a quarter (23%) of its revenues were made through its 108 concessions in branches of Debenhams and through sales on the Debenhams website. Quiz, ranked Top150 in IRUK Top500 research, cited Debenhams assurances that its underlying operating companies, including Debenhams Retail, will continue to trade as normal and that suppliers are not expected to be affected by the move. “We look forward to continuing to work productively with Debenhams,” it said.
That comes in contrast to the failure of rival department store House of Fraser last summer, which resulted in Quiz writing off £0.4m of debt.
Quiz trades online and through 71 stores and 168 concessions in the UK and said, in a full-year trading update this week, that total sales, across all channels, reached £130.9m during the year to March 31. That’s 12% up on the same time last year.
Its online sales rose by more than a third during the year, with ecommerce sales up by 34% to £41m, reflecting sales made through its own websites and from third-party websites. Sales from its own websites alone were up by 58%. This, it said, reflected the impact of increasing spending on marketing.
Sales at its UK stores and concessions rose by 4% to £66.9m, while sales of £23m in its international business were 8% up on last time as the retailer opened three new stores.
The retailer expects that earnings will come in at about £4.5m in the full-year – as announced in a profit warning earlier this month – and says that its strategy of expansion through an omnichannel sales model is paying off, despite lower than expected growth during the year.
Elsewhere, fashion retailer Bonmarché, ranked Top100 in IRUK Top500 research, said that it believed a takeover bid from Spectre Holdings “materially underlies Bonmarché and its future prospects” and it advises shareholders to take no action for the moment.
Since Spectre owns a majority stake (52.4%) in the business, the Bonmarché board said it would continue to look to engage with its owner Philip Day, who also owns the Edinburgh Woollen Mill group of companies.
Image courtesy of Quiz
