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14 Jan 2022 07:00
14 January 2022
QUIZ Plc
("QUIZ" or the "Group")
Christmas Trading Update
QUIZ, the omni-channel fashion brand, is pleased to announce an update on trading for the period between 1 December 2021 to 31 December 2021 ("the Period") and its current cash position.
Trading Update
Revenues from each of the Group's channels were as follows:
|
|
| I December to 31 December 2021 | I December to 31 December 2020 | Period-on-period change |
UK stores and concessions |
|
| £5.2m | £3.2m | +64% |
Online |
|
| £2.1m | £2.8m | -26% |
International |
|
| £1.5m | £1.4m | +11% |
Total |
|
| £8.8m | £7.4m | +20% |
Total Group sales in the Period increased by 20%, or £1.4m, to £8.8m compared to December 2020, in line with the Board's expectations.
The Group is pleased with the gross margins generated in during the Period which are consistent with those generated in the same period in FY2019, prior to the impact of COVID-19.
Further to this positive momentum, total Group revenues in the nine months to 31 December 2021 totalled £61.0 million, which represents an 88% increase on the £32.4 million generated in the equivalent period in FY2020.
The performance during the Period was driven by a 64% increase in revenues generated across QUIZ's UK store and concession portfolio to £5.2m. The Group's UK stores and concessions were closed for part of the comparable prior year period. Revenues were broadly consistent on a like-for-like basis with the sales generated in FY2019, prior to demand being impacted by COVID-19.
Online revenues decreased 26% to £2.1m, reflecting the termination of certain third-party partnerships during the financial year. Sales through QUIZ's own websites were consistent with the previous year and in-line with Board expectations.
International revenues, which comprise five stores and 15 concessions in Ireland and international franchise partners, increased 11% to £1.5m (FY2020: £1.4m). The Group is confident in the QUIZ brand's potential for long-term international growth and continues to pursue opportunities in line with its strategy.
The Board was pleased with the performance achieved in the Period given the challenging trading conditions, notably the widespread cancellation of social events and the introduction of formal restrictions on social activities in Scotland, Wales, and across Ireland following the continued rise in COVID-19 cases throughout December. For the same reason, footfall during the second half of the Period was also notably reduced. This impacted demand for, and increased customers' returns of, QUIZ's partywear products in the second half of the Period.
Cash Position
As at 13 January 2022, the Group had total liquidity headroom of £8.9 million, being a cash balance net of borrowings of £6.0 million and £2.9 million of undrawn bank facilities.
The Group has £3.5m of bank facilities available which expire on in September 2022. There are no financial covenants applicable to these facilities.
Outlook
The Group is encouraged by the positive performance delivered during the Period, which highlights the strength and awareness of the QUIZ brand, and the growing customer demand for its trademark dressy and occasion wear offering.
The Board remains confident that, in the absence of any further substantial disruption from COVID-19, this demand will support continued profitable revenue growth and deliver a full year to 31 March 2022 performance in line with Board expectations.
Enquiries:
QUIZ plc | Via Hudson Sandler |
Tarak Ramzan, Chief Executive Officer Gerry Sweeney, Chief Financial Officer Sheraz Ramzan, Chief Commercial Officer |
|
|
|
Panmure Gordon (Nominated Adviser and Sole Broker) Alina Vaskina (Corporate Finance) Erik Anderson (Corporate Broking)
| +44 (0) 207 886 2500 |
Hudson Sandler LLP (Public Relations) | +44 (0) 207 796 4133 |
Alex Brennan / Lucy Wollam
| quiz@hudsonsandler.com |
Notes:
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
About QUIZ:
QUIZ is an omni-channel fashion brand, specialising in occasion wear and dressy casual wear. QUIZ delivers a distinct proposition that empowers its fashion forward customers to stand out from the crowd.
QUIZ's buying and design teams constantly develop its own product lines, ensuring the latest glamorous looks at value prices. This fast, flexible supply chain, together with the winning formula of style, quality, value and speed-to-market has enabled QUIZ to grow rapidly into an international brand with stores, concessions, franchise stores, wholesale partners and international online partners.
QUIZ operates through an omni-channel business model, which encompasses online sales, standalone stores, concessions, international franchises and wholesale arrangements.
To download images please visit: http://www.quizgroup.co.uk/media-download-centre/
For further information:
https://www.quizclothing.co.uk/
http://www.quizgroup.co.uk/
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