SHARES in fashion retailer Quiz rose as it posted a December sales hike despite a growing number of cases of Covid impacting the partywear market.
Its trading update for December 1, 2021 to December 31, 2021 showed sales increased by 20 per cent, or £1.4 million, to £8.8m compared to December 2020.
The performance during the period was driven by a 64% increase in revenues generated across Quiz’s UK store and concession portfolio, which was closed for part of the comparable prior year period, to £5.2m.
Revenues were broadly consistent on a like-for-like basis with the sales generated in 2019, prior to demand being impacted by Covid-19, the Glasgow-based firm said in its statement.
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".
International revenues, which comprise five stores and 15 concessions in Ireland and international franchise partners, increased 11% to £1.5m, against £1.4m.
Total group revenues in the nine months to December31, 2021 reached £61m, which represents an 88% increase on the £32.4m generated in the equivalent period the previous year, Quiz said.
The firm 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."
Shares in Quiz closed up 10.65% at 17.4p.
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