Quiz to return to profit amid positive sales momentum
This was driven by ‘strong’ full-price sell through of Quiz’s trademark occasion wear and dressy casualwear products in response to the increased prevalence of social occasions such as weddings, and holidays compared to the previous year.
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Fashion retailer Quiz has announced it anticipates FY 2022 profitability of no less than £4.3m after the group experienced positive sales momentum during the Christmas period which continued through the final quarter of the group’s financial year.
According to its trading update for the financial year ended 31 March 2022, Quiz also said it expects FY 2022 group revenues to be ahead of expectations at approximately £78m.
According to the retailer, this “encouraging” momentum was achieved across both the group’s store and concession portfolio as well as its e-commerce website, and resulted in like-for-like revenues broadly consistent with those generated in FY 2019, prior to the impact of Covid-19.
Additionally, the group said it is pleased with the gross margin generated across the year, and that the gross margin recorded in the last quarter was consistent with the same period in FY 2019.
This was driven by “strong” full-price sell through of Quiz’s trademark occasion wear and dressy casualwear products in response to the increased prevalence of social occasions such as weddings, and holidays compared to the previous year.
The group also reported a total of £3.5m of bank and credit facilities available to it which are scheduled for renewal in September 2022. There are no financial covenants applicable to these facilities.
The board said it is confident in the group’s continued profitable revenue growth. Quiz expects to publish its FY 2022 results for the financial year ended 31 March 2022 in July 2022.
