TIDMQUIZ
RNS Number : 8866M
Quiz PLC
17 January 2023
17 January 2023
QUIZ Plc
("QUIZ" or the "Group")
Christmas Trading Update
11% sales growth in December reflects strong consumer demand for
QUIZ's renowned dressy occasionwear
QUIZ, the omni-channel fashion brand, is pleased to announce an
update on trading for the period between 1 December 2022 to 31
December 2022 ("the Period") and its current cash position.
Trading Update
Revenues from each of the Group's channels were as follows:
I December I December
to 31 December to 31 December Period-on-period
2022 2021 change
--------------------------- ----------------- ----------------- -----------------
UK stores and concessions GBP6.2m GBP5.2m +19%
----------------------------- ----------------- --------------- -----------------
Sales via QUIZ website GBP1.3m GBP1.3m +2%
Sales via third
party websites GBP0.5m GBP0.8m -35%
----------------------------- ----------------- --------------- -----------------
Online GBP1.8m GBP2.1m -14%
International GBP1.8m GBP1.5m +20%
----------------------------- ----------------- --------------- -----------------
Total GBP9.8m GBP8.8m +11%
----------------------------- ----------------- --------------- -----------------
Total Group sales in the Period increased by 11%, or GBP1.0m,
year on year to GBP9.8m. This performance reflected strong customer
demand for QUIZ's trademark dressy occasionwear in the first
Christmas period in three years not impacted by COVID-19 related
social restrictions. The stronger demand helped offset slightly
weaker than anticipated revenues in the weeks prior to the Period
and contributed to a 3% increase in revenues in the three months to
31 December 2022, which was in line with the Board's expectations.
As a result, Group revenues in the nine months to 31 December 2022
totalled GBP75.2 million, representing a 23% increase on the
GBP61.0 million generated in the equivalent period in the previous
year.
The Group is pleased with the gross margins generated during the
Period which are consistent with those generated in the same period
in 2019, prior to the impact of COVID-19.
Sales Growth in the Period was driven by a 19% increase in
revenues generated across QUIZ's UK store and concession portfolio
to GBP6.2m. These revenues reflect strong like-for-like growth on
the sales generated in the prior year and in 2019.
Online revenues decreased 14% to GBP1.8m with sales through
QUIZ's own website consistent with the previous year and in-line
with Board's expectations. Traffic to the QUIZ website and the key
online operational metrics were also consistent with the previous
year. The decline in online revenues through third-party websites
was anticipated and in-line with the Group's strategic focus on
growing sales through its own website.
International revenues, which comprise five stores and 18
concessions in Ireland and international franchise partners,
increased 20% to GBP1.8m. Consistent with the Group's other revenue
channels, the Board remains confident in the QUIZ brand's potential
for long-term international growth and continues to pursue
opportunities in line with its strategy.
Cash Position
As at 16 January 2023, the Group had total liquidity headroom of
GBP12.7 million, being a cash balance of GBP9.2 million and GBP3.5
million of undrawn bank facilities (31 March 2022: GBP6.5 million,
being cash net of borrowings of GBP4.4 million and GBP2.1 million
of unutilised bank facilities).
The Group's GBP3.5m of bank facilities available will expire in
June 2023. There are no financial covenants applicable to these
facilities.
Outlook
The Board is encouraged by the positive performance delivered
during the Period which again highlights the strength and awareness
of the QUIZ brand and growing customer demand for its trademark
dressy and occasionwear offering. However, the Board recognises
that current macroeconomic pressures may impact consumer demand
across the sector. Notwithstanding this, the Board remains
confident it will deliver profits for the full year to 31 March
2023 at least in line with its expectations and is well positioned
to achieve further profitable revenue growth in the longer
term.
Tarak Ramzan, CEO of QUIZ, commented:
"We are pleased with the strong consumer demand for QUIZ and the
Group's sales performance during the important Christmas trading
period. This again reflected the benefits of our omnichannel model
as well as the QUIZ brand's outstanding reputation for delivering
glamorous occasionwear as great value.
"Whilst the wider trading environment is expected to be
challenging over the coming months, we are confident that QUIZ is
well positioned to deliver a performance at least in line with the
Board's expectations in the current financial year."
Enquiries:
QUIZ plc Via Hudson Sandler
Tarak Ramzan, Chief Executive
Officer
Gerry Sweeney, Chief Financial
Officer
Sheraz Ramzan, Chief Commercial
Officer
Panmure Gordon
(Nominated Adviser and Sole Broker)
Alina Vaskina (Corporate Finance)
Rupert Dearden (Corporate Broking) +44 (0) 207 886 2500
Hudson Sandler LLP (Public Relations) +44 (0) 207 796 4133
Alex Brennan / Ben Wilson quiz@hudsonsandler.com
Notes:
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
About QUIZ :
QUIZ is an omni-channel fashion brand, specialising in occasion
wear and dressy casual wear. QUIZ delivers a distinct proposition
that empowers its fashion forward customers to stand out from the
crowd.
QUIZ's buying and design teams constantly develop its own
product lines, ensuring the latest glamorous looks at value prices.
This fast, flexible supply chain, together with the winning formula
of style, quality, value and speed-to-market has enabled QUIZ to
grow rapidly into an international brand with stores, concessions,
franchise stores, wholesale partners and international online
partners.
QUIZ operates through an omni-channel business model, which
encompasses online sales, standalone stores, concessions,
international franchises and wholesale arrangements.
To download images please visit:
http://www.quizgroup.co.uk/media-download-centre/
For further information:
https://www.quizclothing.co.uk/
http://www.quizgroup.co.uk/
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END
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