Quiz flaunts forecast-beating online growth in first update since IPO

 
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Quiz's online revenue tripled in six months (Source: Quiz)

Fast fashion retailer Quiz smashed analyst expectations by growing online revenue 204 per cent in the six months to the end of September.

Analysts at Panmure Gordon said this was well ahead of their full-year assumptions of just over 100 per cent. Although they said it was too early to raise estimates, analysts were reassured by management's positive tone. They said: "Our high degree of confidence in longer-term forecasts is underpinned, in turn, by the many attributes of a high quality business that Quiz possesses."

Quiz also revealed in its first trading update since it floated in July that overall revenue was up 35 per cent to £56.1m in the period.

Unlike rivals Asos and Boohoo, Quiz has a significant bricks-and-mortar presence through stores and franchised operations both in the UK and overseas. Sales in its UK standalone stores and concessions increased 15 per cent to £32.3m.

Read more: Quiz shareholders bag £92.1m windfall after float

"We are very pleased with the Quiz brand's strong growth across target markets and channels with online in particular experiencing continued outstanding momentum," said chief executive Tarak Ramzan.

"Our IPO in July 2017 was a hugely important milestone for the company as we continue to build the Quiz brand as a global fast-fashion destination for customers who want the latest looks at outstanding value. The Quiz brand has a distinct USP, a strong customer connection and fast-fashion in its DNA. Our customer base is growing strongly and we are confident of delivering further growth."

Read more: Asos has just launched same-day delivery in London

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