Fashion brand Quiz has reported that group revenue increased by 17 percent to 91.7 million pounds in the financial year ended March 31, 2023.
Gross margins for the year were in line with management expectations and consistent with those recorded in the previous year, the company said. As a result, the group anticipates reporting increased profitability in FY23 with a pre-tax profit of around 2 million pounds.
Commenting on the unaudited full year trading update, CEO Tarak Ramzan said: “The group delivered a good performance in FY23 achieving revenue growth across each of its channels reflecting the strength of Quiz’s trademark dressy and occasion wear product offering. “Whilst the external trading environment is expected to remain challenging in the near term, we remain highly confident in the group’s long-term prospects.”
Strong UK sales
The company’s sales in the UK increased by 23 percent to 45 million pounds, international revenues rose 10 percent to 16.4 million pounds, and online sales were up 12 percent to 29.8 million pounds.
The company said in a release that in the early months of FY23 the group’s revenue growth benefited from a strong recovery in consumer demand for Quiz’s products following the removal of coronavirus-related social restrictions.
However inflationary pressures began to impact consumer confidence impacting like-for-like revenues in February and March 2023, which were lower than the previous year.
The company’s board believes that external headwinds may impact consumer demand across the group’s sector over the coming months, reducing its visibility for FY24.