UK firm Quiz's revenue climbs 17% in FY23

One highlight of the fiscal was the increase in full-price sales, which pushed the gross margin up to 61.6 per cent, a rise from the previous year's 60.3 per cent. This level surpassed that achieved before the COVID-19 pandemic, the company said in a press release.

The company attributed its success in part to efficient cost control measures. Despite facing inflationary pressures, Quiz Plc managed to keep the rise in operating costs, encompassing distribution and administrative costs, below the increase in revenues.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 21 per cent, reaching £6.2 million, up from £5.1 million in FY22. Similarly, the company witnessed a 192 per cent increase in profit before tax, which climbed to £2.3 million from £0.8 million in FY22.

The firm's online growth continued with a 13 per cent increase in sales via Quiz's proprietary website. Active customers also grew by 11 per cent compared to the previous financial year, matching the demand for Quiz's core occasion wear offering. The company's past store restructuring efforts yielded positive results, contributing to a profit uplift from the stores.

Quiz Plc also posted a 10 per cent YoY growth in international revenues. As of the end of fiscal 2023, Quiz's store estate comprised 62 stores in the UK and six in the Republic of Ireland, up from 62 in the UK and 5 in Ireland in FY22.

Fibre2Fashion News Desk (DP)