Scottish womenswear retail brand QUIZ has announced that Christmas trading was in line with expectations with a 31.9% (31.2% constant currency) increase in Group revenue for the seven-week period from 19 November 2017 to 6 January 2018 against the comparable period last year.
This strong performance reflects continued good growth across the Group’s omni-channel business model as well as the increasing awareness of the QUIZ brand.
The Group generated strong full price sales in the lead-up to Christmas and as a result the Group gross margins in the Period were in line with expectations.
The QUIZ brand has continued to grow rapidly online with Group online revenue increasing by 119.0%. This expansion was driven by continued strong growth through QUIZ’s own website as well as through new and existing third party online retailers. This growth was enabled by the investment made in expanding the Group’s Distribution Centre undertaken during 2017.
International sales increased by 51.1% (46.9% in constant currency)*. The growth reflects increased sales through our franchise partners, the introduction of our first three stores in Spain and strong revenue growth from our Irish stores and concessions.
The Group’s UK standalone stores and concessions also performed strongly with sales increasing by 11.6% during the Period. In December 2017, QUIZ opened its fifth new standalone store of the financial year in Cribbs Causeway, Bristol. The UK stores’ and concessions’ retail square footage as at 6 January 2018 was 192,000 sq. ft. (January 2017: 185,000 sq. ft.).
Tarak Ramzan, Chief Executive Officer, commented:
“We are pleased with QUIZ’s continued strong momentum across the Group’s omni-channel business model during the important Christmas trading period. This growth reflects the strength of our brand and the appeal of our products to customers who want the latest looks at fantastic value.
“We are continuing to execute our growth plans in each area of the business, underpinned by continued investment in our marketing, people and infrastructure. We continue to look forward with confidence as we build on our strategy to develop QUIZ as a global fast-fashion brand.”