The “cessation of all social restrictions leading to increased demand” and other factors contributed to UK apparel retailer Quiz’s 17 per cent growth in revenue to £ 91.7 million for the fiscal year ended 31st March 2023.
The company’s website witnessed a 13 per cent increase in online sales, while recent store remodelling helped boost in-store sales. Due to increased demand for Quiz’s primary occasionwear line, active consumers increased by 11 per cent over the previous financial year.
Increased full-price sales led to an increase in gross margin to 61.6 per cent, which is higher than last year and the level attained before the epidemic. Compared to 2022, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) climbed 21 per cent to £ 6.2 million, from £ 5.1 million. From £ 800,000 in 2022 to £ 2.3 million in 2019, the profit before tax climbed by 192 per cent.
However, Quiz’s sales decreased 15 per cent to £ 23.2 million during the three months ending on 30th June 2023. This is due to ‘strong’ past year comparisons, the effect of macroeconomic uncertainty, and the pressures of inflation on consumer demand.
The business predicted that it will continue to concentrate on increasing sales through its own websites and stores, with plans to construct three further locations in the UK.
Tarak Ramzan, Founder and CEO of Quiz, said, “Our results reflected a strong recovery in consumer demand for QUIZ’s occasionwear-led product offering, resulting in positive sales and profit growth.”
