Fashion stakes

Quiz back in black but outlook begs questions

Quiz enjoyed a strong first half

Fashion chain Quiz Clothing returned to profit for the half year to the end of September but said cost of living pressures left the near-term outlook uncertain.

The board of the Glasgow-based chain said it recognises that the group is not immune to the widely reported cost of living and inflationary pressures impacting across the sector.

“As a result, the near-term outlook is difficult to predict for many UK retailers

“Notwithstanding, the recent volatility in demand and that Quiz’s important Christmas trading and January sales periods are still to come, the board continues to anticipate delivering a full year outcome which will be at least in line with market expectations.”

Pre-tax profit came in at £1.8 million against a £1.3m loss for the same period last year. EBITDA profit increased significantly to £3.7m (H1 2022: profit of £0.7m). Revenue rose to £49.4m from £36m.

Tarak Ramzan, founder and chief executive, said: “The Quiz brand has performed well in the first half of the year, with strong year on year sales growth of 37% supporting increased profitability and a strong cash position.

“Active customers increased 14%, reflecting the appeal of our differentiated and value brand.

“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 .”

The board is not recommending the payment of a dividend.. No dividends were paid in the prior financial year.

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