HeraldScotland:

HELLO and welcome to the AM Business Briefing, as Glasgow-based fashion retailer Quiz has hailed an increase in Christmas sales and its nine-month revenues.

Its trading updated between 1 December 2021 to 31 December 2021 showed sales in the period increased by 20%, or £1.4m, to £8.8m compared to December 2020, which was in line with the board’s expectations.

The performance during the period was driven by a 64% increase in revenues generated across Quiz’s UK store and concession portfolio to £5.2m.

The group’s UK stores and concessions were closed for part of the comparable prior year period. Revenues were broadly consistent on a like-for-like basis with the sales generated in 2019, prior to demand being impacted by Covid-19.


HeraldScotland:


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.

Quiz said: "The group is pleased with the gross margins generated in during the period which are consistent with those generated in the same period in 2019, prior to the impact of Covid-19."

Total group revenues in the nine months to 31 December 2021 reached £61m, which represents an 88% increase on the £32.4m generated in the equivalent period the previous year, Quiz said.

Quiz added: "The board 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."


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