Quiz trading update contains good news as it stages profits comeback
Quiz has updated on trading for the financial year that ended this week and pleasingly, the company appears to be bouncing back from the troubled times of the past few years.
It said the positive sales momentum of the Christmas trading period “continued through the final quarter of the group's financial year”. This “encouraging” momentum was achieved across both its store and concession portfolio, as well as its e-commerce website, and resulted in like-for-like revenues “broadly consistent with those generated in FY 2019, prior to the impact of Covid-19”.
It means FY 2022 group revenue is expected to be ahead of expectations at approximately £78 million.
And it seems profits will be improving as well with the company saying it was pleased with the gross margin that it generated across the year and especially that recorded in the final quarter as it was consistent with its gross margin pre-pandemic. It was driven by strong full-price sell-through of its occasionwear and dressy casualwear products “in response to the increased prevalence of social occasions such as weddings, and holidays compared to the previous year”.
This means it anticipates reporting a return to profitability for the year with profit on an EBITDA basis of “no less than £4.3 million and a profit before tax of no less than £0.5 million”.
And “encouraged by the positive performance delivered during the year, which highlights the strength and awareness of the Quiz brand and the growing customer demand for its trademark dressy and occasionwear offering, the board is confident in the group's continued profitable revenue growth”.
We won't find out the full details though until the company reports its final results for the year at some point in July.
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