Shares of Glasgow-based fashion firm Quiz rose as much as 20% on Monday after it published an update on trading and its cash position for the period between April 1 and June 30, 2021.

“The group’s total sales in the period of £17.3m were consistent with the board’s expectations,” said Quiz.

“This represents a £13.1m increase on the revenues generated during the comparable prior year period from 1 April to 30 June 2020 which was severely impacted by the first wave of the coronavirus pandemic in the UK and Europe …

“Sales through Quiz’s own websites totalled £4.6m (2020: £2.2m) with revenues steadily improving through the period.

“Sales through third party websites totalled £1.8m with this channel impacted by the cessation of sales through the Debenhams website from early April 2021(2020: £1.2m).

“The group’s UK stores and concessions were closed at the start of period and reopened through mid to late April.

“In the comparable prior year period, all the group’s UK stores and concessions were closed until late June. 

“As at 30 June 2021, the group operated 61 stores in the United Kingdom, 13 less than operated prior to the lockdown of stores in March 2020. 

“Rental terms for these stores are predominantly based upon revenues generated rather than previous higher fixed rental arrangements providing a lower cost base than previously incurred. 

“The average lease length on these stores is 24 months. 

“As at 30 June the group operated 45 concessions in the United Kingdom (June 2020: 143 concessions). 

“During the period, the group benefited from the Debenhams concessions trading for a short period prior to their closure allowing for the clearance of most of the Group’s stock associated with these concessions.

“International revenues from store and concessions operated by the group amounted to £0.6m (2020: £0.1m). 

“The group has five international stores and 15 international concessions, all located in Ireland, which were closed at the start of the period and reopened in mid-May (2020: 7 stores and 22 concessions).

“Revenues from international franchise partners in the period amounted to £3.1m (2020: £0.4m). 

“The group continues to pursue opportunities for long-term international growth and is confident that this can be achieved.

“The group is pleased with the gross margins generated in during the period which compare favourably to those generated in both 2020 and 2019 …

“As at 12 July 2021, the group had a £2.7m net cash balance (31 March 2021: £1.5 million).

“In addition, the group has £3.5m of bank facilities available which are currently scheduled to expire on 31 October 2021, which the Group intends to renew.”

In its outlook, Quiz said: “The group continues to focus on identifying and delivering new opportunities to profitably grow revenues through its own website and store network, as well as by working with new partners appropriate for the Quiz brand.

“The group looks forward to the further relaxation of restrictions on social activities, which the board believes will result in increased demand Quiz’s ranges which have traditionally provided popular options for social events and celebrations.”