According to its own statements, the British clothing retailer Quiz Plc has done surprisingly good business in the past few weeks. In view of the unexpectedly strong sales growth, the company announced in an interim report published on Friday that it would return to the operating profit zone. In the past year, only high financial one-off effects had ensured that the numbers were in the black. Investors appreciated the good news: the company’s share price immediately rose by about forty percent.
Based on the figures available, the fast fashion provider expects sales of around 78 million pounds sterling (93 million euros) for the 2021/22 financial year, which ended at the end of March. The company has thus exceeded expectations, according to a statement. Compared to the previous year, which was shaped by the effects of the Covid-19 pandemic, sales almost doubled. On a comparable basis, sales have now roughly reached the level of the pre-crisis year 2018/19, explained Quiz.
“The positive sales momentum that the group already recorded during the Christmas business continued in the last quarter of the group’s financial year,” the company announced. The branches and concessions as well as e-commerce contributed to the upswing. After the relaxation of the corona restrictions in Great Britain, the demand for occasion wear in particular rose sharply again, explained Quiz.
Thanks to the strong sales development, the company was able to operate in the black again in the past year: For 2021/22, management expects earnings before interest, taxes, depreciation and amortization (EBITDA) of at least 4.3 million pounds sterling (5.1 million euros ) and a pre-tax profit of “not less than £0.5 million”. The clothing supplier intends to publish its full figures for the past financial year in July.