Glasgow-based fashion firm Quiz plc published a trading update for December 2022 showing total group sales in the month increased 11% year on year to £9.8 million.
The firm said group revenues in the nine months to December 31, 2022, rose 23% to £75.2 million.
“This performance reflected strong customer demand for QUIZ’s trademark dressy occasionwear in the first Christmas period in three years not impacted by COVID-19 related social restrictions,” said the company.
“The stronger demand helped offset slightly weaker than anticipated revenues in the weeks prior to the period and contributed to a 3% increase in revenues in the three months to 31 December 2022, which was in line with the board’s expectations.
“As a result, group revenues in the nine months to 31 December 2022 totalled £75.2 million, representing a 23% increase on the £61.0 million generated in the equivalent period in the previous year.
“The group is pleased with the gross margins generated during the period which are consistent with those generated in the same period in 2019, prior to the impact of COVID-19.
“Sales growth in the period was driven by a 19% increase in revenues generated across QUIZ’s UK store and concession portfolio to £6.2m.
“These revenues reflect strong like-for-like growth on the sales generated in the prior year and in 2019.
“Online revenues decreased 14% to £1.8m with sales through QUIZ’s own website consistent with the previous year and in-line with board’s expectations.
“Traffic to the QUIZ website and the key online operational metrics were also consistent with the previous year.
“The decline in online revenues through third-party websites was anticipated and in-line with the group’s strategic focus on growing sales through its own website.
“International revenues, which comprise five stores and 18 concessions in Ireland and international franchise partners, increased 20% to £1.8m.
“Consistent with the group’s other revenue channels, the board remains confident in the QUIZ brand’s potential for long-term international growth and continues to pursue opportunities in line with its strategy.”