Quiz revenues grow but cites weak consumer demand ahead

For the year ended March 31, 2023, Quiz Group revenue increased 17 percent to 91.7 million pounds supported by the cessation of all social restrictions leading to increased demand.

During the second half, the company expects the trading environment to remain challenging. Reflecting the uncertainty with regards to consumer demand and inflationary cost pressures, the board currently anticipates that profit before tax for the current year will be similar to that generated in the past year.

Commenting on the trading update, Tarak Ramzan, the company’s founder and chief executive officer, said: “Our FY 2023 results reflected a strong recovery in consumer demand for Quiz’s occasion-wear-led product offering, resulting in positive sales and profit growth."

"The trading environment in the opening months of the new financial year has been tough reflecting the widely publicised external economic factors impacting consumer demand. Whilst this challenging backdrop is expected to continue into the second half, the board remains confident that the omni-channel business model and differentiated brand will enable long-term success and profitable growth,” Ramzan added

Quiz posts online and international sales growth

The company said in a statement that higher levels of full price sales resulted in gross margin increasing to 61.6 percent, which was above the level achieved prior to the pandemic.

EBITDA for the year increased 21 percent to 6.2 million pounds, while profit before tax increased 192 percent to 2.3 million pounds.

The company reported continued online growth with a 13 percent increase in sales through Quiz’s own website.

Active customers increased 11 percent on the prior financial year in line with demand for Quiz’s core occasion wear offering.

Quiz’s international revenues increased 10 percent.

At the end of the year, the company’s store estate comprised 62 stores in the United Kingdom and six in the Republic of Ireland.

Quiz revenues drop in Q1

The group generated revenue of 23.2 million pounds in the three months to 30 June 2023, representing a 15 percent decrease on the prior year in part reflecting the strong prior year comparatives in the first half as well as the impact of the macroeconomic uncertainty and inflationary pressures on consumer demand.

The company added that revenues in the first three months of the current financial year have been broadly consistent on a like-for-like basis with those generated in the comparable period in FY 2019, that being the last period unaffected by coronavirus related factors.

Quiz opened three new stores in the United Kingdom post year end.