Omni-channel fashion brand Quiz has reported a 12% increase in revenues to £130.9m for the financial year ending 31 March 2019.
However, the final result is lower than the Quiz board had previously anticipated, after announcing that its target for FY 2019 would be approximately £133m. This was adjusted to £129m following a review of its sales in the final quarter of FY 2019.
The initial target for the year would have represented growth in sales in the final quarter of 9.2% compared with the previous year, resulting in anticipated EBITDA of £8.2m. Consistent with the trading update issued on 7 March 2019, the board continues to anticipate that the group’s actual EBITDA will be approximately £4.5m for FY 2019.
The retailer said it continues to benefit from the group’s omni-channel model with continued expansion, particularly online and across targeted international markets. Additionally, revenue generated from Quiz websites increased by 58% during the year, reflecting the impact of the increased marketing spend undertaken.
A statement by the group read: “The board previously noted that it is undertaking a thorough review of all aspects of the business with a view to mitigating the effects of slower than anticipated growth during the year. We will report the findings from this review when we announce our final results for FY 2019 on 11 June 2019.”
It comes as the retailer saw its shares plummet after it announced in March that it will launch a “thorough review” of its business following a “significant shortfall” in sales.
At the time, CEO Tarak Ramzan said : “Whilst the board remains confident in the strength and appeal of the Quiz brand, as demonstrated by our continued sales growth online, this has been a highly disappointing trading period for the group.
“As a result, the board will be reviewing all aspects of the business over the coming months to ensure that we can deliver the group’s long term potential despite the changing consumer backdrop and challenging trading conditions.”