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Quiz has welcomed a return to profitability in its full-year results as group revenue soared 97% year-on-year, with trade largely boosted by the end of social restrictions.
Profit before tax hit £0.8m in the year ending 31 March 2022, up from an underlying loss of £9.6m in 2021, while EBITDA reached £5.1m, up from an underlying loss of £4.9m the prior year.
The group added that higher levels of full price sales resulted in an increase to the gross margin at 60.3%, consistent with the gross margin generated in the year prior to the pandemic, from 53.4% in FY 2021.
In addition, it noted the rise in operating costs, being distribution and administrative costs, was restricted to 22% as its increased revenues “leveraged off” its existing infrastructure.
Over the period, the group also welcomed strong online growth, with a 66% increase in sales through its own website.
Meanwhile, active customers increased 74% on the prior financial year, in line with demand for Quiz’s core occasion wear offering.
Tarak Ramzan, founder and CEO, said: “The group delivered a very encouraging FY 2022 performance with very strong revenue growth and a return to profitability.
“This outcome reflects increased demand for Quiz’s product offering and was supported by the decisive actions we have taken in recent years to transform the business and successfully leverage the group’s omni-channel model and infrastructure.”
He added: “We are very pleased with the strong uplift in active customers and sales growth through our own website, which is now supported by a flexible and profitable portfolio of stores and concessions.
“Despite the well-documented challenges across the retail sector, we remain encouraged by customer demand for the Quiz brand, with sales up by 62% in the year to date. Whilst there are significant levels of uncertainty impacting the consumer right now, we are confident that Quiz is well positioned to continue to deliver against its strategy and drive long-term, sustainable and profitable growth.”
