Quiz reports jump in FY revenue as social events return

UK fast fashion brand Quiz saw a 97 percent increase in revenue in its most recent financial year as social events returned following the easing of lockdown restrictions.

In the 12 months to March 31, group revenue came in at 78.37 million pounds, up from the 39.7 million pounds it reported a year earlier.

Quiz was hit hard by the pandemic, both by the closure of physical stores and the cancellation of social events which the occasionwear brand relies on for much of its revenue.

The company reported an underlying pre-tax profit of 788,000 pounds compared to a loss of 9.6 million pounds a year earlier. Meanwhile, it posted an EBITDA of 5.1 million pounds from a loss of 4.9 million pounds the prior year.

In more recent trading for the three months to June 30, revenue increased 62 percent year-over-year, consistent with pre-Covid levels on a like-for-like basis.

Challenges ahead

But like many fashion companies, Quiz warned of the “potential for sales later in the year to be impacted by the effect of the inflationary environment and increases in the cost of living on consumer confidence”.

Founder and CEO Tarak Ramzan told investors: “The group delivered a very encouraging FY 2022 performance with very strong revenue growth and a return to profitability.”

He added that ”despite the well-documented challenges across the retail sector”, the company remains “encouraged by customer demand for the Quiz brand”.

Active customers increased 74 percent in the 12 months to March 31 compared to the prior year.