Quiz takes a dressing down as fashion retailer sounds warning over cost of living
High street retailer Quiz blamed high inflation and a knock in consumer confidence for a dip in like-for-like revenues during the first two months of the year.
The clothing brand sounded a note of optimism, stating its trading remained consistent with that of pre-pandemic levels.
The London-listed retailer’s group revenue rose 17 per cent to £91.7m during the year ending 31 March 2023, as shoppers showed an increased interest in the store’s latest trends.
Ahead of its full year results in July, the Scottish brand, which has 62 stores across the UK, also anticipated a rise in profits, from £2m up from £0.8m on the previous year; helped by consumers returning to the high street post-Covid.
Quiz sounded a warning that an increase in the cost in living may reduce sales over the coming months ”reducing its visibility for FY24”.
Tarak Ramzan, chief executive of Quiz said: “The group delivered a good performance in FY23 achieving revenue growth across each of its channels reflecting the strength of QUIZ’s trademark dressy and occasion wear product offering,”
He added: “This outcome, which was achieved despite the challenging market backdrop in recent months, is a strong testament to our flexible model and differentiated brand. Whilst the external trading environment is expected to remain challenging in the near term, we remain highly confident in the group’s long-term prospects.”