Clothing & Shoes

Quiz shrugs off ‘challenging market conditions’ with strong revenue growth

Fashion brand Quiz had revealed strong revenue growth across all channels for the six months ending 30 September 2018.

Despite “challenging external market conditions”, the retailer reported a group revenue increase of 19% to £66.7m, compared with £56.1m in 2017, and EBITDA increased by 11% to £5.6m for the period.

Additionally, online revenue increased by 44% to £20m, international sales rose by 16% to £11.6m and revenue from UK stores and concessions increased 9% to £35.1m. Online transactions now represent 30% of group sales, and two stores and 13 concessions also opened during the six months.

The positive growth comes just after the group released a profit warning in October, with shares in Quiz dropping by 25% following the announcement. At the time the group claimed its recent performance was “behind our expectations”, adding that the company’s performance “declined” during the second half of the financial year.

Tarak Ramzan, founder and CEO, said: “Quiz has continued to deliver good revenue growth in the first half of the financial year despite challenging external market conditions. This performance was driven by further expansion across each of the brand’s distribution channels with particularly strong sales generated online through Quiz’s websites.

“Quiz has a clear customer focus, a proven ‘test and repeat’ model and a dedicated management team. With these strengths, and despite a challenging market environment, the board believes the group is well positioned to deliver long term profitable growth.”

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