Credit: HiStock Photo Shutterstock.

Quiz booked a 17% increase in annual revenues (FY23) to £91.7m.

Despite an increase in operating expenses, Quiz managed to secure a 169.9%
jump in FY23 operating profit to £2.5m leading to pre-tax profit of £2.3m.

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Quiz said higher levels of full-price sales led to a gross margin increase
of 61.6% and profits were helped by efficient cost control.

Despite a positive set of results, Quiz has sounded a cautious note for the
upcoming fiscal year, noting revenues for the first three months to 30 June
have fallen 15% year on year to £23.2m, in part reflecting stronger prior year
comparatives as well as the impact of the macroeconomic uncertainty and
inflationary pressures on consumer demand.

During H2 the trading environment is expected to remain challenging, albeit
the group has softer comparatives in the second half of the financial year.
Reflecting the uncertainty with regards to consumer demand and inflationary
cost pressures, the board currently anticipates that profit before tax for the
current year will be similar to that generated in the past year.

Tarak Ramzan, founder and CEO commented: “Our FY 2023 results reflected
a strong recovery in consumer demand for Quiz’s occasion-wear-led product
offering, resulting in positive sales and profit growth.

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“The past year once again demonstrated the benefits of the group’s
omni-channel model as we saw encouraging revenue growth across stores and
online. We continue to firmly believe the Quiz brand has a clear,
differentiated position in the market and continues to resonate with a broad
age range of customers. The group continues to focus on achieving its online
growth potential through its website and we were encouraged by the increase in
sales and active customers during the year.

“The trading environment in the opening months of the new financial
year has been tough reflecting the widely publicised external economic factors
impacting consumer demand. Whilst this challenging backdrop is expected to
continue into the second half, the board remains confident that the group’s
omni-channel business model and differentiated brand will enable the group’s
long-term success and profitable growth.”

In the first quarter of this year Quiz saw both earnings and sales increase. Net sales were up 17% to £91.7m, while gross margins were in line with management expectations.