Quiz shares up as 9-month revenue soars 88%

Shares of Glasgow-based fashion firm Quiz rose about 11% on Friday as it published an update for the month of December 2021 and its current cash position.

Quiz said total group sales in the period increased 20% to £8.8 million compared to December 2020, in line with the board’s expectations.

“Further to this positive momentum, total group revenues in the nine months to 31 December 2021 totalled £61.0 million, which represents an 88% increase on the £32.4 million generated in the equivalent period in FY2020,” said Quiz.

“The performance during the period was driven by a 64% increase in revenues generated across Quiz’s UK store and concession portfolio to £5.2m.

“The group’s UK stores and concessions were closed for part of the comparable prior year period.

“Revenues were broadly consistent on a like-for-like basis with the sales generated in FY2019, prior to demand being impacted by COVID-19. 

“Online revenues decreased 26% to £2.1m, reflecting the termination of certain third-party partnerships during the financial year.

“Sales through Quiz’s own websites were consistent with the previous year and in-line with Board expectations.

“International revenues, which comprise five stores and 15 concessions in Ireland and international franchise partners, increased 11% to £1.5m (FY2020: £1.4m).”

On its cash position, Quiz said: “As at 13 January 2022, the group had total liquidity headroom of £8.9 million, being a cash balance net of borrowings of £6.0 million and £2.9 million of undrawn bank facilities.

“The group has £3.5m of bank facilities available which expire on in September 2022. There are no financial covenants applicable to these facilities.”

In its outlook, Quiz said: “The group is encouraged by the positive performance delivered during the period, which highlights the strength and awareness of the Quiz brand, and the growing customer demand for its trademark dressy and occasion wear offering.

“The board remains confident that, in the absence of any further substantial disruption from COVID-19, this demand will support continued profitable revenue growth and deliver a full year to 31 March 2022 performance in line with board expectations.”