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Quiz has revealed that its unaudited revenues increased by 17% to £91.7m in the financial year ended 31 March 2023, following strong recovery in consumer demand.
The group’s gross margins for the year were in line with management expectations and consistent with those recorded in the previous year, and as a result, it anticipates reporting an increase in profitability in FY23 with a PBT of no less than £2m.
However, along with many other clothing retailers, year-on-year growth moderated due to inflationary pressures that began to impact consumer spending. This led to like-for-like revenues in February and March 2023 to be lower than the previous year.
Nonetheless, group revenues in the final three months of the financial year were broadly consistent with those generated in the pre-pandemic period of 2019.
Tarak Ramzan, CEO of Quiz, said: “The group delivered a good performance in FY23 achieving revenue growth across each of its channels reflecting the strength of Quiz’s trademark dressy and occasion wear product offering. This outcome, which was achieved despite the challenging market backdrop in recent months, is a strong testament to our flexible model and differentiated brand.
“Whilst the external trading environment is expected to remain challenging in the near term, we remain highly confident in the group’s long-term prospects.”
