REG - Quiz PLC - FY23 Trading Update

QuizAnnouncement

17/04/2023 07:00

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RNS Number : 3421W  Quiz PLC  17 April 2023

 

 

17 April 2023

 

QUIZ plc

 

("QUIZ" or the "Group")

 

FY23 Trading Update

 

QUIZ, the omni-channel fashion brand, provides a trading update covering the
financial year ended 31 March 2023 ("FY23").

 

FY23 Trading Update

The Group is pleased to announce that Group revenue (unaudited) increased by
17% to £91.7 million in the financial year ended 31 March 2023. The revenue
performance reflects increased consumer demand for QUIZ's products across the
Group's omnichannel model:

                            FY 2023  FY 2022  Year-on-year growth

 UK stores and concessions  £45.5m   £36.8m   +23%
 Online                     £29.8m   £26.7m   +12%
 International              £16.4m   £14.9m   +10%
 Total                      £91.7m   £78.4m   +17%

 

In the early months of FY23 the Group's revenue growth benefited from a strong
recovery in consumer demand for QUIZ's products following the removal of
coronavirus-related social restrictions.  Consistent with many other fashion
and clothing retailers, year-on-year growth subsequently moderated as
inflationary pressures began to impact consumer confidence. As a result of
these external headwinds and partially reflecting the strong prior year
comparatives, like-for-like revenues in February and March 2023 were lower
than the previous year. However, despite the challenging trading conditions in
recent months, Group revenues in the final three months of FY23 were broadly
consistent with those generated in the comparable period in FY2019, that being
the last period unaffected by coronavirus related factors.

Gross margins for the year were in line with management expectations and
consistent with those recorded in the previous year.  As a result, the Group
is pleased to confirm that it anticipates reporting increased profitability in
FY23 with a profit before tax of no less than £2.0 million (FY22: £0.8
million).

 

Cash Position

The Group's net cash balance at 31 March 2023 was £6.2 million, comprising a
cash balance of £7.6 million offset by a £1.4 million drawdown of available
bank facilities (FY22: net cash balance of £4.4 million). The Group has a
total of £3.5 million of bank and credit facilities available to it which are
scheduled for renewal in June 2023. There are no financial covenants
applicable to these facilities.

Outlook

 

The Board is pleased with the positive performance during the year and that
FY23 profit before tax is anticipated to be at least in line with current
market expectations.

However, the widely reported and significant pressures on consumer spending
seen in recent months are expected to continue into the new financial year.
The Board believes these external headwinds may impact consumer demand across
the Group's sector over the coming months, reducing its visibility for FY24.

Notwithstanding this, the Board remains highly confident that the strength of
the QUIZ brand and the Group's model provide a solid basis for future growth.

Tarak Ramzan, CEO of QUIZ, commented:

"The Group delivered a good performance in FY23 achieving revenue growth
across each of its channels reflecting the strength of QUIZ's trademark dressy
and occasion wear product offering. This outcome, which was achieved despite
the challenging market backdrop in recent months, is a strong testament to our
flexible model and differentiated brand. Whilst the external trading
environment is expected to remain challenging in the near term, we remain
highly confident in the Group's long-term prospects."

 

FY 2023 Results

The Company expects to publish its FY23 results for the financial year ended
31 March 2023 in July 2023 and will notify of the exact date in due course.

 

 

---

 

Market abuse regulation

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/201 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR").

 

Enquiries:

 QUIZ plc                                  Via Hudson Sandler
 Tarak Ramzan, Chief Executive Officer

 Gerry Sweeney, Chief Financial Officer

 Sheraz Ramzan, Chief Commercial Officer

 Panmure Gordon                            +44 (0) 207 886 2500

 (Nominated Adviser and Sole Broker)

 Emma Earl (Corporate Finance)

 Rupert Dearden (Corporate Broking)

 Hudson Sandler LLP (Public Relations)     +44 (0) 207 796 4133
 Alex Brennan / Ben Wilson                 quiz@hudsonsandler.com (mailto:quiz@hudsonsandler.com)

 

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/
(http://www.quizgroup.co.uk/media-download-centre/)

 

For further information:

https://www.quizclothing.co.uk/ (https://www.quizclothing.co.uk/)

http://www.quizgroup.co.uk/

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