Quiz margins in line with pre-pandemic period
Clothing retailer Quiz said total Group sales in December increased by 20%, or £1.4m, to £8.8m compared to December 2020, in line with the board’s expectations.
The group said it was pleased with the gross margins generated in during the period which are consistent with those generated in the same period in FY2019, prior to the impact of COVID-19.
Further to this positive momentum, total group revenues in the nine months to 31 December 2021 totalled £61m, which represents an 88% increase on the £32.4m generated in the equivalent period in FY2020.
Online revenues decreased 26% to £2.1m, reflecting the termination of some third-party partnerships during the financial year.
Sales through Quiz’s own websites “were consistent with the previous year and in-line with board expectations”.
International revenues, which comprise five stores and 15 concessions in Ireland and international franchise partners, increased 11% to £1.5m, against £1.4m.
In a statement with its trading update the board said it was pleased with the performance achieved in the period given the 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 continued rise in Covid-19 cases 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 partywear products in the second half of the period.”