The British fast fashion provider Quiz Plc recovered strongly in the 2021/22 financial year and almost doubled its sales. The full results released on Tuesday were in line with the estimates the company presented earlier in April. The clothing retailer named the lifting of the corona protection measures and the resulting increase in demand for occasion wear as the main reasons for the significant growth.
In the financial year that ended in March, sales amounted to 78.4 million pounds sterling (91.6 million euros). This meant an increase of 97.4 percent compared to the previous year, which was characterized by the effects of the Covid 19 pandemic. Online sales grew 24 percent to £26.7 million and international sales rose 96 percent to £14.9 million. Brick-and-mortar retail in the UK benefited the most from the lifting of the pandemic-related restrictions: sales in the UK’s own stores and concessions amounted to 36.8 million British pounds, more than tripling (+250 percent) compared to the previous year.
Thanks to strong sales growth and reduced discounts, Quiz also made strong progress in earnings, posting an operating profit of £0.9m. In the previous year, the company had posted an operating loss of 9.4 million British pounds. Reported profit before tax shrank from £6.0m to £0.8m as a result of non-recurring income of US$15.6m resulting from the insolvency of a subsidiary in 2020/21. Adjusted for these special effects, Quiz had to accept a loss before taxes of 9.6 million British pounds. Reported net profit fell from 6.2 to 2.0 million pounds sterling (2.4 million euros).
In the first months of the current 2022/23 financial year, the company remained on course for growth: In the period from the beginning of April to the end of June, sales were 27.3 million pounds sterling and thus 62.0 percent above the corresponding figure for the previous year. On a comparable area, sales would have reached the pre-crisis level again, the clothing retailer explained.