Return of Christmas parties boosts sales at Quiz

17th Jan 2023 11:01

(Sharecast News) - Fashion retailer Quiz reported bumper festive sales on Tuesday, as customers splashed out on partywear.

The AIM-listed brand said December sales jumped 11% to £9.8m, driven by a 19% spike in revenues from UK stores and concessions, to £6.2m.

Quiz said it had benefited from strong customer demand for dressy occasionwear in the first festive period in three years not affected by Covid-19 related social restrictions.

Tarak Ramzan, chief executive, added: "We are pleased with the strong demand...and sales performance during the important Christmas period. This again reflected the benefits of our omnichannel model as well as the Quiz's brand reputation for delivering glamorous occasionwear as great value."

Looking ahead, Ramzan conceded that the wider trading environment was likely to be "challenging" in the coming months. But he added: "We are confident that Quiz is well positioned to deliver a performance at least in line with the board's expectations for the current financial year."

International sales in the month to 31 December jumped 20% to £1.8m, while online sales fell 14%, also to £1.8m. Quiz said the fall was caused by a 35% drop in sales from third party websites, as it focused on growing revenues through its own site instead.

Quiz has five stores and 18 concessions in Ireland.

As at 1100 GMT, shares in the retailer were down 6% at 15.8p.