Glasgow-based fashion firm Quiz plc said on Monday its revenues rose 37.2% to £49.4 million in the six months to September 30, 2022, marginally ahead of the board’s expectations.
However, in a trading update, Quiz added: “The group’s year on year revenue growth rate moderated as the period progressed during August and September, a trend consistent with other fashion retail businesses as inflationary pressures began to impact consumer confidence.
“The gross margin generated in the period benefited from stronger demand for full price products and was ahead of comparable periods in recent years.
“This reflects the success to date in recovering higher product costs which, along with other costs, have been subject to inflationary pressures through the period.”
In its outlook, the company added: “Whilst it remains uncertain what impact the current cost of living pressures will have on consumers’ disposable income and on their demand for Quiz products over the remainder of the group’s financial year, management remain confident that the product proposition and commitment to providing glamorous looks at value prices will continue to appeal.
“The group’s full year results to 31 March 2023 which will, as always, be in part dependent on trading during the key Christmas period, are expected to be in line with market expectations.
“The board is pleased with the strong growth recorded across all channels during the period which supports the group’s omni-channel business model.
“It remains confident that the brand will continue to increase its appeal and looks forward to achieving continued profitable revenue growth.”