Quiz announced its final results for 2022 which saw a jump in revenue and profitability for the fashion company.
And it seems the fashion market is bouncing back.
The womenswear retailer reported group revenue increased 97% year on year to £78.4 million. Furthermore, gross profit came in at a reported £47.3 million, up from £21.2 million in the previous year.
The company said revenue improved after the removal of social restrictions leading to increased demand. Furthermore, Quiz saw strong online growth, with a 66% increase in sales through its website.
Meanwhile, active customers increased by 74% credited to strong sales during the Christmas period and the post-pandemic return of social occasions.
Therefore, Quiz are one of the lucky ones yet to be impacted by inflation.
“We are very pleased with the strong uplift in active customers and sales growth through our own website, which is now supported by a flexible and profitable portfolio of stores and concessions,” said Founder and CEO, Tarak Ramzan.
The company also commented on its outlook stating sales later in the year may be impacted by the effect of the inflationary environment and increases in the cost of living.
Turns out inflation may catch up with them after all.
However, Quiz remains confident in delivering long-term sustainable and profitable growth despite any challenges they face.
Quiz shares surged 6.83% on Tuesday. A positive day for Quiz shareholders.
Looking into monthly traffic, Quiz has seen its total visits grow consistently over the past three months. This falls in line with its earnings report as the company is in a strong position after a 20% fall in its share price this year.