The Glasgow-based fast fashion retailer, which has opened 40 outlets in the last year, reported revenues of £87.4 million in the year to March 31 2016, up from £78.2 million at the same time last year.
UK retail sales excluding ecommerce rose by 10 per cent, while ecommerce sales through its own website and through ecommerce partners were up by 33 per cent. Quiz brand sales through third party retailers were up by 37 per cent while international sales were 10 per cent up. Meanwhile, pre-tax profits of £5.7 million were 17 per cent up on the £4.9 million reported the previous year.
During the period, the brand continued to expand in the UK and Republic of Ireland with 50 new standalone stores and concessions with third parties including Debenhams and House of Fraser. At the end of the period, Quiz had over 220 UK and ROI outlets and 47 international stores with the brand now trading in 20 countries.
It also grew investment, which rose by 230 per cent to £5.6 million during the period. More than £3m was invested in a new automated and state-of-the-art warehouse facility in Bellshill, Scotland to support delivery of the brand’s UK and international growth plans.
Founder Tarak Ramzan said, “Quiz delivered an excellent performance in the year to 31 March 2016 reflecting the strength of our omnichannel business model and growing appeal of the Quiz brand. We have delivered strong double-digit growth in sales and profits, as well as continuing to invest in the business to ensure we deliver the brand’s exciting long-term potential.
“Quiz continues to build momentum in the UK and enjoy positive reactions in our international markets, underpinned by the design, value and style of our products, and we remain excited about the significant growth opportunities across our markets.”
Its omnichannel strategy has played a major role in its development. Sheraz Ramzan, business development director at Quiz, said, “We have an ambitious roll out plan and over the last twelve months have opened 40 new standalone stores and concessions as well as continuing with refurbishments across our existing estate. This growth has been driven by customer demand for glamorous looks at great value and our continued commitment to omnichannel expansion.”
Quiz operates a model that includes online, wholesale and franchise sales channels, alongside its own stores and concessions in third-party stores. It develops its own products in-house and specialises in occasion, eveningwear and fashion forward casualwear. Deliveries are made to its store estate and online channels every day.
On Black Friday it saw online brand sales grow by 90 per cent compared to the equivalent day last year, and during Black Friday week, total Quiz brand sales, including sales through third party websites were up 80 per cent year-on-year.