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Fashion retailer Quiz has revealed that total sales for the period between 1 April 2021 to 30 June 2021 hit £17.3m, up from £4.2m the prior year, which was consistent with the board’s expectations.
The increase was attributed to sales rising in the group’s websites, which saw sales total £4.6m (2020: £2.2m), with online revenues “steadily improving” through the period.
Furthermore, sales through third party websites increased by £1.8m, up from £1.2m for the same period in 2020, with this channel impacted by the cessation of sales through the Debenhams website from early April 2021.
During the period, the group said it benefited from the Debenhams concessions trading for a short period prior to their closure, which allowed the retailer to clear most of its stock associated with these concessions.
The group also increased its net cash balance to £2.7m from £1.5m in March 2021. In addition, the retailer stated that it has £3.5m of bank facilities available which are currently scheduled to expire on 31 October 2021, the group intends to renew this.
The retailer said it expects to publish its full-year results for the period ended 31 March 2021 in September.
