Fashion retailer Quiz has reported a strong sales increase over Christmas when consumers bought party gear as they celebrated a festive period free of pandemic restrictions.

Quiz store

Quiz posted strong sales over December

Quiz said that total sales advanced 11% in December and annual profits should be “at least in line with expectations”.

The retailer reported that “stronger demand helped offset slightly weaker than anticipated revenues in the weeks prior to the period” and contributed to a 3% increase in revenues in the three months to December 31. 

That was in line with management expectations. Group revenues in the nine months to the same date reached £75.2m, a 23% uplift year on year.

Sales growth was especially strong in stores and concessions – up 19%. Online sales fell 14%, although the retailer said sales through its own website were “consistent with the previous year and in line with board’s expectations”. 

The retailer said it was “encouraged” by performance, but “the board recognises that current macroeconomic pressures may impact consumer demand across the sector. Notwithstanding this, the board remains confident it will deliver profits for the full year to March 31, 2023, at least in line with its expectations and is well positioned to achieve further profitable revenue growth in the longer term.”

Chief executive Tarak Ramzan said: “We are pleased with the strong consumer demand for Quiz and the group’s sales performance during the important Christmas trading period. This again reflected the benefits of our omnichannel model as well as the Quiz brand’s outstanding reputation for delivering glamorous occasionwear as great value.

“While the wider trading environment is expected to be challenging over the coming months, we are confident that Quiz is well positioned to deliver a performance at least in line with the board’s expectations in the current financial year.”

Topics

Related Companies