REG - Quiz PLC - Trading Update

QuizAnnouncement

01/04/2022 07:00

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RNS Number : 8621G  Quiz PLC  01 April 2022

 

 

 

     1 April 2022

 

QUIZ Plc

 

("QUIZ" or the "Group")

 

Trading Update

 

 

QUIZ, the omni-channel fashion brand, is pleased to provide a trading update
for the financial year ended 31 March 2022 ("FY 2022").

 

FY 2022 Trading Update

The positive sales momentum previously reported by the Group during the
Christmas trading period continued through the final quarter of the Group's
financial year. This encouraging momentum was achieved across both the Group's
store and concession portfolio as well as its e-commerce website, and resulted
in like-for-like revenues broadly consistent with those generated in FY 2019,
prior to the impact of COVID-19.

As a result of this strong performance, total FY 2022 Group revenue is
expected to be ahead of expectations at approximately £78.0 million.

Furthermore, the Group is pleased with the gross margin generated across the
year, and that the gross margin recorded in the last quarter was consistent
with the same period in FY 2019. This was driven by strong full-price sell
through of QUIZ's trademark occasionwear and dressy casualwear products in
response to the increased prevalence of social occasions such as weddings, and
holidays compared to the previous year.

 

QUIZ is therefore pleased to confirm that it anticipates reporting a return to
profitability in FY 2022 with an EBITDA generated of no less than £4.3
million and a profit before tax of no less than £0.5 million.

 

Cash Position

As at 30 March 2022, the Group had a net cash balance of £4.2 million,a
comprising a cash balance of £5.6 million offset by a £1.4 million drawdown
of available bank facilities. It has a total of £3.5 million of bank and
credit facilities available to it which are scheduled for renewal in September
2022. There are no financial covenants applicable to these facilities.

Outlook

Encouraged by the positive performance delivered during the year, 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
is confident in the Group's continued profitable revenue growth.

FY 2022 Results

QUIZ expects to publish its FY 2022 results for the financial year ended 31
March 2022 in July 2022.

 

ENDS

 

 

 

 

 

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)

 Alina Vaskina (Corporate Finance)

 Erik Anderson (Corporate Broking)

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

 Lucy Wollam

 

 

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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