British clothing retailer Quiz Plc has returned to profitability in the first half of the 2022/23 financial year. On Wednesday, the fast fashion specialist said it had a net profit of £1.48 million (EUR 1.71 million) from April to September. In the corresponding period of the previous year, the company still had to accept a loss of 1.46 million British pounds.
Quiz had already reported a surprisingly high increase in sales in mid-October. Accordingly, revenues in the first half of the year amounted to 49.4 million pounds sterling (57.2 million euros), which corresponded to an improvement of 37.2 percent compared to the comparable level of the previous year. The company explained that the significant growth was due to the increased demand after the business had been burdened by the effects of the Covid 19 pandemic last year.
Looking at the further course of the second half of the year, the clothing supplier was cautious in view of the most recent development. In the last two weeks of November, which also included the high-sales Black Friday campaign, sales were “in line with expectations” and thus helped to compensate for unexpectedly weak results in October, the company said.
Management acknowledged that Quiz was “not immune” to the fallout from the rising cost of living and general inflationary pressures. Although it is difficult to predict the development of the important Christmas business in view of the current uncertainties, the company management continues to expect to achieve results for the entire financial year that “at least correspond to market expectations”, according to a statement.