Clothing & Shoes

Quiz swings to £1.3m loss in H1

Despite the loss, group revenue increased 109% to £36m and was boosted by further by the removal of social restrictions

Quiz has reported a pre-tax loss of £1.3m for the six-month period ending 30 September 2021.

Despite the loss, group revenue increased 109% to £36m and was boosted further by the removal of social restrictions.

During the period the higher level of full price sales and reduced discounting resulted in the gross margin increasing to 57.5%, up from 51.7%.

International revenues also rose by 160% in the period to £6.9m, as demand increased consistent with the UK market.

The group said it took action over the last 18 months to restructure the business and maintain tight cost control and inventory management.

This meant that the company was reportedly “well placed” to benefit from the continued recovery in customer demand.

Tarak Ramzan, founder and CEO, said: “Quiz has delivered an encouraging set of results during the period with strong cash flows generated and a return to positive EBITDA.

“The removal of the social restrictions resulted in a substantial uplift in revenues in the period, as customer demand for the brand’s dressy and occasion wear returned.”

He added: “Whilst there continues to be uncertainty in the short-term we remain confident in the strength of our brand and are highly confident that the clear demand for Quiz’s trademark occasion-wear will support continued profitable growth.”

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