Quiz revenues rise by 17% in FY23

Quiz, the omnichannel fashion brand, has reported a 17% revenue increase to £91.7m for the year ended in March 2023. 

Higher levels of full price sales resulted in gross margin increasing to 61.6%, which was above the level reached before the pandemic. There was also continued growth in international revenues with a 10% increase year-on-year. 

EBITDA for the company increased 21% to £6.2m while profit before tax increased 192% to £2.3m. 

During the year, the company experienced a continued online growth with a 13% increase in sales through its website.

For the current financial period, Quiz has generated £23.2m in revenues, which is a 15% decrease to the prior year.

The company has said to expect H2 trading conditions to remain challenging and anticipates that profit before tax will be similar to the one generated the past year. 

Tarak Ramzan, founder and chief executive officer, said: “Our FY 2023 results reflected a strong recovery in consumer demand for Quiz’s occasion-wear-led product offering, resulting in positive sales and profit growth. 

“We continue to firmly believe that the Quiz brand has a clear, differentiated position in the market and continues to resonate with a broad age range of customers. The group continues to focus on achieving its online growth potential through its website and we were encouraged by the increase in sales and active customers during the year.”

He added: “The trading environment in the opening months of the new financial year has been tough reflecting the widely publicised external economic factors impacting consumer demand. Whilst this challenging backdrop is expected to continue into the second half, the Board remains confident that the group’s omni-channel business model and differentiated brand will enable the group’s long-term success and profitable growth.”