Quiz reports 17 percent increase in profits for FY16

London - Womenswear retailer Quiz reported strong financial results for the year which ended March 31, 2016, which were driven by the retailer's omnichannel growth.

The fast fashion group saw revenue increase to a record 87.4 million pounds, up from 78.2 million pounds in 2015. EBITDA grew 18 percent to 7.1 million pounds and profit before tax grew 17 percent to 5.7 million pounds. UK retail sales, which included Quiz stores and concessions but not e-commerce, grew 10 percent. However it was e-commerce which reported a solid growth, increasing 33 percent as third party sales grew 37 percent.

"Quiz delivered an excellent performance in the year to 31 March 2016 reflecting the strength of our omni-channel business model and growing appeal of the Quiz brand," commented Tarak Ramzan, founder of Quiz. "We have delivered strong double-digit growth in sales and profits, as well as continuing to invest in the business to ensure we deliver the brand’s exciting long-term potential."

During the same period Quiz continued to grow in the UK and the Republic of Ireland, opening 50 new standalone stores and concessions with third parties such as House of Fraser. Quiz also invested over 3 million pounds in a new automated and state-of-the-art warehouse facility in Bellshill, Scotland, which aims to support the brand's UK and international expansion plans.

"Quiz continues to build momentum in the UK and enjoy positive reactions in our international markets, underpinned by the design, value and style of our products, and we remain excited about the significant growth opportunities across our markets," added Ramzan.

Photo: Quiz, website