Quiz has benefited from a return to socialising, posting group revenues of £36 million for the six months to 30 September, up from £17. million for the same period last year. This resulted in an underlying EBITDA of £0.7 million as against a loss of £3.3 million for the first half of last year. The business operates a chain of 63 stores and also sells online.
Tarak Ramzan, CEO, Quiz said: “Quiz has delivered an encouraging set of results during the period with strong cash flows generated and a return to positive EBITDA. The removal of the social restrictions resulted in a substantial uplift in revenues in the period, as customer demand for the brand’s dressy and occasion wear returned.
“The positive steps taken over the past eighteen months with regards to restructuring our business, tight cost control and inventory management have all proved beneficial. Whilst there continues to be uncertainty in the short-term we remain confident in the strength of our brand and are highly confident that the clear demand for Quiz’ trademark occasion-wear will support continued profitable growth.”
The new Covid variant is, of course, casting a less certain light on the festive season’s events which may well suppress demand at Quiz and other retail chains which offer dressy ‘going out’ and party clothing. Businesses are already pulling out of arrangements for staff parties in the light of the latest restrictions introduced by Government.
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