Total sales at Quiz Christmas period increased by 11 percent or 1 million pounds, year on year to 9.8 million pounds.
This performance, the company said, reflected strong customer demand for Quiz’s trademark dressy occasion wear in the first Christmas period in three years not impacted by Covid-19 related social restrictions.
The board remains confident it will deliver profits for the full year at least in line with its expectations and is well positioned to achieve further profitable revenue growth in the longer term.
Commenting on the trading update, Tarak Ramzan, CEO of Quiz said: “We are pleased with the strong consumer demand for Quiz and the group’s sales performance during the important Christmas trading period. This again reflected the benefits of our omnichannel model as well as the Quiz brand’s outstanding reputation for delivering glamorous occasion wear as great value.”
“Whilst the wider trading environment is expected to be challenging over the coming months, we are confident that Quiz is well positioned to deliver a performance at least in line with the board’s expectations in the current financial year,” Ramzan.
Highlights of Quiz’s performance
The company added that stronger demand helped offset slightly weaker than anticipated revenues in the weeks prior to the period under review and contributed to a 3 percent increase in revenues in the three months to December 31, 2022, in line with the board’s expectations.
As a result, group revenues in the nine months period reached 75.2 million pounds, representing a 23 percent increase on the 61 million pounds generated in the equivalent period in the previous year.
Sales growth in the period, Quiz further said, was driven by a 19 percent increase in revenues generated across the brand’s UK store and concession portfolio to 6.2 million pounds. These revenues reflect strong like-for-like growth on the sales generated in the prior year and in 2019.
Online revenues decreased 14 percent to 1.8 million pounds with sales through the company’s own website consistent with the previous year and in-line with board’s expectations. The company said, 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 percent to 1.8 million pounds.