Shares of Glasgow-based fashion firm Quiz plc fell about 14% after it said revenue rose 17% to £91.7 million in the year ended March 31, 2023, but said revenue in the first three months of its new financial year was down 15% on the prior year.

Profit before tax in the year to March 31, 2023, increased 192% to £2.3 million.

However, on “post year end and outlook” Quiz said: “Group generated revenue of £23.2 million in the three months to 30 June 2023, representing a 15% decrease on the prior year in part reflecting the strong prior year comparatives in the first half as well as the impact of the macroeconomic uncertainty and inflationary pressures on consumer demand.

“Revenues in the first three months of the current financial year have been broadly consistent on a like-for-like basis with those generated in the comparable period in FY 2019, that being the last period unaffected by coronavirus related factors …

“During H2 the trading environment is expected to remain challenging, albeit the group has softer comparatives in the second half of the financial year.

“Reflecting the uncertainty with regards to consumer demand and inflationary cost pressures, the board currently anticipates that profit before tax for current year will be similar that generated in the past year.”

Quiz CEO Tarak Ramzan said: “Our FY 2023 results reflected a strong recovery in consumer demand for Quiz’s occasion-wear-led product offering, resulting in positive sales and profit growth.

“The past year once again demonstrated the benefits of the group’s omni-channel model as we saw encouraging revenue growth across stores and online.

“We continue to firmly believe that the Quiz brand has a clear, differentiated position in the market and continues to resonate with a broad age range of customers.

“The group continues to focus on achieving its online growth potential through its website and we were encouraged by the increase in sales and active customers during the year.

“The trading environment in the opening months of the new financial year has been tough reflecting the widely publicised external economic factors impacting consumer demand.

“Whilst this challenging backdrop is expected to continue into the second half, the board remains confident that the group’s omni-channel business model and differentiated brand will enable the group’s long-term success and profitable growth.”