More stores planned
TOWIE boost as Quiz unveils maiden dividend
Quiz Clothing, the women’s fashion retailer, plans more stores and confirmed its intention to pay a dividend in its maiden full-year results.
The Glasgow-based chain, which floated last summer, said underlying profit before tax increased 20% to £9.8 million (FY 2017: £8.1m).
It enjoyed online revenue growth of 158%, underpinned by a good performance on its own websites as well as “exceptional demand” for the brand across third-party websites.
The company said it intends to pursue an aggressive dividend policy and announced a proposed maiden dividend of 0.8p per share in respect of the second half.
Quiz operates 71 stores in the UK and the board believes that there is potential for a further 40 to 50 stores across the country in the medium to long term.
Post the year-end, the group launched Quizman, an online menswear product category. The company said it was pleased with the initial reaction to the collection and is excited by its potential.
Last month it partnered with The Only Way is Essex (TOWIE) to create its first male and female capsule collections in collaboration with TOWIE’s Chloe Lewis, Lauren Pope and Dan Edgar. The partnership brings together TOWIE’s signature glamour and QUIZ’s stylish looks.
The group has been investing in international marketing to establish and grow the brand in Spain, with a digital marketing and influencer outreach campaign supporting the website, and tactical offline marketing activity supporting the three store openings in Madrid.
Chief executive Tarak Ramzan said: “The board’s ambition is to develop QUIZ into a leading global fast-fashion brand. We have a clear customer focus, a proven “test and repeat” model and a first-class team, all underpinned by a well-invested infrastructure.
“With these strengths, we are confident that the group will continue to deliver on its omni-channel growth opportunities and achieve its hugely exciting global potential.
“The trading environment is expected to remain challenging in the UK with much publicised and industry wide pressures on consumer spending and costs. However, we have a clear strategy for growth underpinned by a strong brand, outstanding marketing capability, a well-invested infrastructure and talented team.
“Our flexible omni-channel model allows QUIZ to focus on those areas where we can generate the highest growth and the group will continue to increase its investment, most notably online and international, where we are achieving outstanding growth.”