Quiz swings to interim profit

Fashion retailer Quiz said on Wednesday that it swung to an interim profit amid increased demand for the brand.

In the six months to 30 September, the company swung to a pre-tax profit of £1.8m from a loss of £1.3m in the same period a year earlier, as revenue rose 37% to £49.4m. Quiz said the revenue jump reflects stronger consumer demand for the brand and softer comparatives in the previous year due to Covid-related disruption.

Revenues from UK stores and concessions rose 48% to £24.6m, with demand at pre-pandemic levels on a like-for-like basis. International revenues were ahead 26% at £8.7m.

Revenue from the online segment was 29% higher at £16.1m, driven by sales through Quiz’s own website.

Meanwhile, active customers on the company website increased 14% since March 2022.

Founder and chief executive Tarak Ramzan 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.

"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."

Quiz said it was still on course to deliver a full-year outcome which will be "at least in line" with market expectations.

At 0905 GMT, the shares were up 3% at 17.38p.