Fast fashion womenswear retailer Quiz has announced a 30% rise in revenues to £116.4m for the year to 31 March 2018, as online and international expansion fuelled omnichannel growth.
Quiz chief commercial officer Sheraz Ramzan told Drapers: “As an omnichannel business we’re performing well in all channels, from standalones to concessions and online.
“We’ve made investments in our distribution centre and ability to support these channels. Increased marketing investment is driving the business forward and we are firing on all cylinders.”
Online sales rocketed by 158% for the period, up to £30.6m, while UK stores and concessions saw a 12% revenue rise to £64.6m. This was attributed to strong like-for-like growth and new store openings, with five new UK stores opened last year.
International also performed strongly for the retailer, up to £21.2m – a 32% rise – following the opening of standalone stores in Spain and Ireland during the year.
The retailer highlighted a targeted marketing campaign, as well as a positive response to its newly introduced Bridal and Curve ranges, as partly responsible for the success. Wholesale revenues were also reported to be positive.
Despite these successes, Quiz warned that it had incurred operating costs slightly higher than planned as it invested in central functions such as buying, merchandising and marketing teams.
The brand recuited around 40 people into its head office during the period. Nevertheless, gross margin remained in line with expectations.
Quiz also made key hires in software and online development. “There is a lot of talk of diff types of technology and augmented reality – these are things we are conscious of and looking at. We haven’t embarked on any specific projects but we are looking at how the market is evolving,” says Ramzan.
“We will review new technologies to adopt, but we have a very clear 12-18 month roadmap of IT developments and technologies we’re working on.”
Ramzan added that there are new stores in the UK “in the pipeline”, as well as franchise stores internationally through new and existing partners. Last week it opened a flagship at the Bluewater shopping centre in Kent.
He also highlighted that Quiz will debut a US website later this month, after enjoying growth through a partnership with US department store Lord & Taylor, which it launched last year.
Ramzan said: ”We had a great reaction in US with Lord & Taylor. We had such a positive reaction that we’re optimistic about opportunities in the US. It is a key area of focus for us as we grow our sales. We have a lot of exciting opportunities in store, and look forward to trading in the coming year.”