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Quiz revenue leaps as online surges

Fast fashion brand Quiz has reported a 35% rise in group revenue, in its first update since its flotation in July.

Group revenue grew to £56.1m in the six months to 30 September compared with the same period last year, the brand said in a pre-close trading update today.

Group online revenue across both the brand’s own website and third-party sites soared by 204% to £13.8m during the six-month period. Sales through its own website alone jumped by 122%.

Its performance was boosted by the launch of its first localised website in Spain during September, as well as its online partnerships with Next and Zalando.

The company said gross margins remain “in line with expectations”.

Sales at the group’s UK standalone stores and concessions increased by 15% to £32.3m.

It opened one new store in the UK during the first half of 2017 and is targeting a further five store launches before Christmas, which the group said is “in line with its strict return-on-investment roll-out strategy”.

The group, which also opened four new concessions with its existing UK partners, closed one standalone store and four other concessions during the six-month period.

Internationally, total sales increased by 12% to £10m. This figure covers its standalone stores and concessions in the Republic of Ireland, stores in Spain and franchises in 20 countries. 

After excluding non-recurring wholesale revenue in relation to Spain in the year ending 31 March, international sales grew 25% to £10m.

Its overseas expansion during the timeframe included three shop launches in Madrid, marking its debut stores outside the UK and the Republic of Ireland. The brand plans to open another store in Ireland before Christmas.

It also grew its international franchise operations from 65 to 76 units during the six-month timeframe, including new franchise units in Dubai, the UAE and Morocco.

Quiz chief exectuive Tarak Ramzan said: “We are very pleased with the Quiz brand’s strong growth across target markets and channels with online in particular experiencing continued outstanding momentum.

“Our IPO in July 2017 was a hugely important milestone for the company as we continue to build the Quiz brand as a global fast-fashion destination for customers who want the latest looks at outstanding value. Our customer base is growing strongly and we are confident of delivering further growth.”

The retailer listed on the London Stock Exchange’s junior Alternative Investment Market (Aim) in July.

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