In a trading update for the period between 1 April 2021 to 30 June 2021, QUIZ (QUIZ) reported £17.3 million in sales which it said is consistent with the Board's expectations.
The omni-channel fashion brand said total sales represented a £13.1m increase on the revenues generated in the comparable prior year period from 1 April to 30 June 2020 which was severely impacted by the first wave of the coronavirus pandemic in the UK and Europe.
The Group's UK stores and concessions were closed at the start of the period and reopened through mid to late April. In the comparable prior year period, all the Group's UK stores and concessions were closed until late June. As at 30 June 2021, the Group operated 61 stores in the United Kingdom, 13 less than operated prior to the lockdown of stores in March 2020.
Sales through QUIZ’s websites was £4.6m (FY20: £2.2m) with revenues steadily improving. Meanwhile, sales through third party websites totalled £1.8m with this channel impacted by the cessation of sales through the Debenhams website from early April 2021 (FY20: £1.2m).
As at 30 June, the Group operated 45 concessions in the UK (June 2020: 143 concessions). QUIZ benefited from the Debenhams concessions trading for a short period prior to their closure allowing for the clearance of most of its stock associated with these concessions.
International revenues from stores and concessions operated by QUIZ was £0.6m (2020: £0.1m) while revenues from international franchise partners was £3.1m (FY20: £0.4m).
Shares in QUIZ have increased by nearly 60% in value since the beginning of 2021. The stock was trading 17.09% higher this morning at 10.78p following the announcement.
QUIZ has five international stores and 15 international concessions in Ireland, which were closed at the start of the period and reopened in mid-May. QUIZ said it continues to pursue opportunities for long-term International growth and is confident that this can be achieved.
The Company highlighted to investors that it is pleased with the gross margins generated during the Period which ‘compare favourably to those generated in both 2020 and 2019.’
As at 12 July 2021, the Group had a £2.7m net cash balance (31 March 2021: £1.5m) with £3.5m of bank facilities available which are currently scheduled to expire on 31 October 2021.
Looking ahead, the Company said it continues to focus on identifying and delivering new opportunities to profitably grow revenues through its own website and store network, as well as by working with new partners appropriate for the QUIZ brand.
‘The Group looks forward to the further relaxation of restrictions on social activities, which the Board believes will result in increased demand for QUIZ's ranges which have traditionally provided popular options for social events and celebrations,’ the Company informed investors.
The Company expects to publish results for the year to 31 March 2021 in September 2021.
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