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Quiz PLC on Wednesday said it returned to profit in the first half of its financial year, following ‘stronger’ consumer demand.
The Glasgow-based fashion retailer recorded pretax profit of £1.8 million in the six months that ended September 30, compared to a loss of £1.3 million the year before.
Revenue increased 37% to £49.4 million from £36.0 million the year prior. Quiz said this follows stronger consumer demand and softer prior-year comparatives due to Covid-19 related disruption. The company added that it mitigated inflation in the period through price increases.
UK store and concession revenue increased 48% to £24.6 million from £16.6 million, and online revenue grew 29% to £16.1 million from £12.5 million.
Earnings before interest, tax, depreciation, and amortisation multiplied to £3.7 million from £700,000 the year before.
Since the start of the second half, Quiz reported revenue of £16.0 million for the two months that ended November 30, down slightly from £16.2 million in the same period in 2021. Quiz said demand in recent weeks has helped to offset weaker-than-anticipated revenue in October.
Looking ahead, Quiz said the near-term outlook is difficult to predict due to the cost-of-living and inflation. The company expects to deliver full year results that will be at least in line with expectations due to Christmas trading and January sales.
‘Whilst we will not be immune to the widely publicised cost-of-living pressures on the consumer in the second half of the year, I remain confident that supported by our omni-channel model, fantastic brand and unique occasion wear offering, Quiz is positioned well for long-term, sustainable and profitable growth,’ Founder & Chief Executive Tarak Ramzan said.
Quiz shares were up 1.9% to 17.20 pence at midday on Wednesday in London.
By Jaskeet Briah, Alliance News reporter
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