Fashion firm Quiz reports rebounding sales as shoppers buy party clothes again
Fast fashion retailer Quiz posted a first half sales rebound after it was battered by pandemic store closures last year.
Sales more than doubled year-on-year in the two months to November, following the lifting of restrictions on social gatherings. Shoppers flocked back to stores to buy occasion and dressy products.
A higher level of full price sales and reduced discounting led to the gross margin rising to 57.5 per cent from 51.7 per cent in the first-half of 2021.
The company enjoyed strong online growth in the period with a 43 per cent increase in sales through its own website and a 27 per cent uplift in total online sales.
Tarak Ramzan, founder and CEO for the retailer, said: “Quiz has delivered an encouraging set of results during the period with strong cash flows generated and a return to positive EBITDA. The removal of the social restrictions resulted in a substantial uplift in revenues in the period, as customer demand for the brand’s dressy and occasion wear returned.
“The positive steps taken over the last 18 months with regards to restructuring our business, tight cost control and inventory management have all proved beneficial.
“Whilst there continues to be uncertainty in the short-term we remain confident in the strength of our brand and are highly confident that the clear demand for Quiz’s trademark occasion-wear will support continued profitable growth.”