Glasgow-based fashion firm Quiz plc said its revenues increased 37% to £49.4 million in the six months ended September 30, 2022, and it made profit before tax of £1.8 million compared to a loss of £1.3 million in the same period of the prior year.
On its outlook and current trading, Quiz said sales for the two months to November 30, 2022, including the Black Friday sales period, totalled £16 million (2022: £16.2 million) and were broadly in-line with management expectations “with demand in recent weeks helping to offset weaker than anticipated revenues in October.”
“Whilst the positive H1 performance reflects strong underlying customer demand for the Quiz brand, the board recognises that the group is not immune to the widely reported cost of living and inflationary pressures impacting across the sector,” said the Glasgow firm.
“As a result, the near-term outlook is difficult to predict for many UK retailers
“Notwithstanding, the recent volatility in demand and that Quiz’s important Christmas trading and January sales periods are still to come, the board continues to anticipate delivering a full year outcome which will be at least in line with market expectations.”
Quiz CEO Tarak Ramzan said: “The Quiz brand has performed well in the first half of the year, with strong year on year sales growth of 37% supporting increased profitability and a strong cash position.
“Active customers increased 14%, reflecting the appeal of our differentiated and value brand.
“Whilst we will not be immune to the widely publicised cost of living pressures on the consumer in the second half of the year, I remain confident that supported by our omni-channel model, fantastic brand and unique occasion wear offering, QUIZ is positioned well for long-term, sustainable and profitable growth.”