Quiz returned to annual profit this morning thanks to recovering party plans and end of lockdown measures.
The British company posted underlying pre-tax profits of £788,000 for the year to March 31 following losses of £9.6m the previous year.
It comes after the company reported strong online growth, with a 66 per cent increase in sales through QUIZ’s own website
Group revenue climbed 97 per cent for fashion brand Quiz to £78.4m and sales were lifted 62 per cent.
Higher levels of full price sales also resulted in an increase to the gross margin at 60.3 per cent, consistent with the gross margin generated in the year prior to the pandemic, from 53.4 per cent in FY 2021.
Tarak Ramzan, Founder and Chief Executive Officer, said:”The Group delivered a very encouraging FY 2022 performance with very strong revenue growth and a return to profitability. This outcome reflects increased demand for QUIZ’s product offering and was supported by the decisive actions we have taken in recent years to transform the business and successfully leverage the Group’s omni-channel model and infrastructure.
We are very pleased with the strong uplift in active customers and sales growth through our own website, which is now supported by a flexible and profitable portfolio of stores and concessions”.
However, the Quiz boss did warn the the cost of living crunch could impact future results against the backdrop of “well-documented challenges across the retail sector”,
“While there are significant levels of uncertainty impacting the consumer right now, we are confident that QUIZ is well positioned to continue to deliver against its strategy and drive long-term, sustainable and profitable growth”, she said.