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Quiz revenues soar on back of rapid online growth
Womenswear brand Quiz grew annual revenues 30% thanks to an impressive 158% surge from its online trading channel.
Quiz credited its increased "and effective" marketing spend throughout the year, as well as the broadening of the overall product range, as the driving force of strong omnichannel growth across the UK and its international markets.
In addition to its online revenues flying to £30.6m, Quiz's total international income grew 4% to £21.2m and revenues from its UK stores and concessions expanded 12% to £64.6m, marking a total revenue increase for the group of 30% to £116.4m.
Quiz noted that sales growth through third party websites had been very strong, although a large number of these sales had incurred higher costs to service due to commission payments.
Sales growth in Quiz's standalone stores in the UK was achieved as a result of a strong like-for-like performance and the opening of five new stores and concessions throughout the year ended 31 March.
Tarak Ramzan, chief executive officer, said, "We are delighted to have successfully completed our first financial year since our IPO in July. This strong performance reflects the growing strength of the QUIZ brand and the continued growth across each of our sales channels and target markets."
"We look forward to expanding the QUIZ brand as a global fast-fashion destination for customers who want the latest looks at outstanding value with initiatives such as the launch of own language international websites and the continued expansion of our product range. We are confident that the QUIZ brand's distinct USP, strong customer connection and fast-fashion credentials provides a strong foundation for delivering future growth," Ramzan added.
As of 1430 BST, shares had picked up 5.16% to 157.74p.