finance

Quiz reports rising year-on-year sales over Christmas



Quiz has reported a 20% increase in total sales, up £1.4m to £8.8m, compared to December 2020.

The Glasgow-headquartered fashion retailer’s Christmas trading update showed that revenues from UK stores and concessions were up 64% to £5.2m year on year in December, while international revenue also rose by 11% to £1.5m.

However, online revenue for the period fell by 26% to £2.1m, reflecting the termination of certain third-party partnerships during the financial year.

The statement noted that sales through Quiz’s own websites were consistent with the previous year.

Total revenues in the nine months to the end of December came in at £61m, which represents an 88% increase on the £32.4m generated in the equivalent period in 2020.

Gross margins came out consistent with those generated in the same period during the full year 2019, prior to the impact of Covid-19.

Further to this positive momentum, total Group revenues in the nine months to 31 December 2021 totalled £61.0 million, which represents an 88% increase on the £32.4 million generated in the equivalent period in FY2020.

The board stated that it was pleased with the performance, given challenging trading conditions, notably the widespread cancellation of social events and the introduction of formal restrictions on social activities in Scotland, Wales, and across Ireland following the spread of the Omicron variant throughout December.

“For the same reason, footfall during the second half of the period was also notably reduced – this impacted demand for, and increased customers’ returns of, Quiz’s party-wear products in the second half of the period.”

As at 13 January 2022, the company had total liquidity headroom of £8.9m, being a cash balance net of borrowings of £6m and £2.9m of undrawn bank facilities.

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