Glasgow-based fashion firm Quiz plc said on Tuesday its revenue rose 97% to £78.4 million during the year to March 31, 2022, and it returned to profit, amid the removal of social restrictions.
Underlying and reported profit before tax was £800,000 compared to an underlying loss of £9.6 million and reported profit of £6 million in the prior year.
In its post year end statement and outlook, Quiz said revenues in the three months to June 30, 2022, increased 62% on the prior year and were consistent with the levels generated prior to the COVID-19 disruption on a like-for-like basis.
Quiz CEO Tarak Ramzan 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.
“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.
“I would like to take this opportunity to thank the group’s management team and all colleagues across the business for their commitment and hard work that has contributed to the recovery of the business after such a challenging period, and positioned it well for further growth.
“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.“