Omni-channel fashion brand Quiz reported revenue increase of 109 percent to 36 million pounds for the six month period, while underlying operating losses amounted to 1.3 million pounds compared to 5.5 million pounds last year.
In a statement, the company said, underlying EBITDA increased to a profit of 0.7 million pounds against losses of 3.3 million pounds in the first half of last year, which represented an EBITDA margin of 1.8 percent compared to negative margin of 19.2 percent in H12021.
Commenting on the unaudited results update, Tarak Ramzan, founder and chief executive officer of the company, said: “Quiz has delivered an encouraging set of results during the period with strong cash flows generated and a return to positive EBITDA. The removal of the social restrictions resulted in a substantial uplift in revenues in the period, as customer demand for the brand’s dressy and occasion wear returned.”
Highlights of Quiz’s H1 resultsUnderlying pre-tax loss was 1.3 million pounds against loss of 5.5 million pounds and reported pre-tax loss also amounted to 1.3 million pounds compared to 10.6 million pounds last year. Underlying loss per share was 1.18 pence and the loss per share incurred was 1.18 pence compared to earnings per share of 9.62 pence.
The company witnessed online growth with a 43 percent increase in sales through Quiz’s own website and a 27 percent uplift in total online sales. Active customers increased by 30 percent compared to the prior financial year. The group’s store estate comprised 61 stores in the United Kingdom and five in the Republic of Ireland at the end of the period, with two more opening in the UK. Quiz’s international revenues rose 160 percent during the period.
The company’s revenues in the two months to November 30, 2021 were up 108 percent on the prior year and consistent with levels generated prior to the Covid-19 disruption on a like-for-like basis. Quiz is confident that the group can return to profitability in a trading environment not significantly impacted by Covid-19 restrictions and deliver long-term sustainable and profitable growth.