REG - Quiz PLC - Trading Update

QuizAnnouncement

14/01/2022 07:00

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RNS Number : 4165Y  Quiz PLC  14 January 2022

 

 

 

 

 

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                            +44 (0) 207 886 2500

 (Nominated Adviser and Sole Broker)

 Alina Vaskina (Corporate Finance)

 Erik Anderson (Corporate Broking)

 Hudson Sandler LLP (Public Relations)     +44 (0) 207 796 4133
 Alex Brennan / Lucy Wollam                quiz@hudsonsandler.com (mailto: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/
(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/ (http://www.quizgroup.co.uk/)

 

 

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