TIDMQUIZ
RNS Number : 8343E
Quiz PLC
12 July 2021
12 July 2021
QUIZ Group Plc
("QUIZ" or the "Group")
Trading Update
QUIZ, the omni-channel fashion brand, announces an update on
trading and its cash position for the period between 1 April 2021
to 30 June 2021 ("the Period").
Trading Update
Consistent with a number of other omni-channel retail
businesses, the COVID-19 pandemic has continued to impact QUIZ's
sales with the closure of stores and concessions for part of the
Period and demand for the Group's trademark dressy and occasion
wear continuing to be negatively impacted by the various
restrictions on social activities and events.
The Group's total sales in the Period of GBP17.3m were
consistent with the Board's expectations. This represents a
GBP13.1m increase on the revenues generated during the comparable
prior year period from 1 April to 30 June 2020 ("2020") which was
severely impacted by the first wave of the coronavirus pandemic in
the UK and Europe.
Revenues from each of the Group's channels were as follows:
2021 2020
-------------------------- --------- --------
Online GBP6.4m GBP3.4m
UK stores and concessions GBP7.3m GBP0.2m
International GBP3.7m GBP0.5m
-------------------------- --------- --------
Total GBP17.3m GBP4.2m
-------------------------- --------- --------
Sales through QUIZ's own websites totalled GBP4.6m (2020:
GBP2.2m) with revenues steadily improving through the Period. Sales
through third party websites totalled GBP1.8m with this channel
impacted by the cessation of sales through the Debenhams website
from early April 2021(2020: GBP1.2m).
The Group's UK stores and concessions were closed at the start
of Period and reopened through mid to late April. In the comparable
prior year period, all the Group's UK stores and concessions were
closed until late June. As at 30 June 2021, the Group operated 61
stores in the United Kingdom, 13 less than operated prior to the
lockdown of stores in March 2020. Rental terms for these stores are
predominantly based upon revenues generated rather than previous
higher fixed rental arrangements providing a lower cost base than
previously incurred. The average lease length on these stores is 24
months.
As at 30 June the Group operated 45 concessions in the United
Kingdom (June 2020: 143 concessions). During the Period, the Group
benefited from the Debenhams concessions trading for a short period
prior to their closure allowing for the clearance of most of the
Group's stock associated with these concessions.
International revenues from store and concessions operated by
the Group amounted to GBP0.6m (2020: GBP0.1m). The Group has five
international stores and 15 international concessions, all located
in Ireland, which were closed at the start of the Period and
reopened in mid-May (2020: 7 stores and 22 concessions). Revenues
from international franchise partners in the Period amounted to
GBP3.1m (2020: GBP0.4m). The Group continues to pursue
opportunities for long-term International growth and is confident
that this can be achieved.
The Group is pleased with the gross margins generated in during
the Period which compare favourably to those generated in both 2020
and 2019.
Cash Position
As at 12 July 2021, the Group had a GBP2.7m net cash balance (31
March 2021: GBP1.5 million). In addition, the Group has GBP3.5m of
bank facilities available which are currently scheduled to expire
on 31 October 2021, which the Group intends to renew.
Outlook
The Group continues to focus on identifying and delivering new
opportunities to profitably grow revenues through its own website
and store network, as well as by working with new partners
appropriate for the QUIZ brand.
The Group looks forward to the further relaxation of
restrictions on social activities, which the Board believes will
result in increased demand QUIZ's ranges which have traditionally
provided popular options for social events and celebrations.
Results for the year ended 31 March 2021
The Company expects to publish results for the year ended 31
March 2021 in September and will notify of the exact date in due
course.
Enquiries:
QUIZ plc Via Hudson Sandler
Tarak Ramzan, Chief Executive
Officer
Gerry Sweeney, Chief Financial
Officer
Sheraz Ramzan, Chief Commercial
Officer
Panmure Gordon
(Nominated Adviser and Sole Broker)
Alina Vaskina / Joanna Langley
(Corporate Finance)
Erik Anderson (Corporate Broking) +44 (0) 207 886 2500
Hudson Sandler LLP (Public Relations) +44 (0) 207 796 4133
Alex Brennan / Lucy Wollam quiz@hudsonsandler.com
Notes:
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
About QUIZ :
QUIZ is an omni-channel fashion brand, specialising in occasion
wear and dressy casual wear. QUIZ delivers a distinct proposition
that empowers its fashion forward customers to stand out from the
crowd.
QUIZ's buying and design teams constantly develop its own
product lines, ensuring the latest glamorous looks at value prices.
This fast, flexible supply chain, together with the winning formula
of style, quality, value and speed-to-market has enabled QUIZ to
grow rapidly into an international brand with standalone stores,
concessions, franchise stores, wholesale partners and international
online partners in 22 countries.
QUIZ operates through an omni-channel business model, which
encompasses online sales, standalone stores, concessions,
international franchises and wholesale arrangements.
To download images please visit:
http://www.quizgroup.co.uk/media-download-centre/
For further information:
https://www.quizclothing.co.uk/
http://www.quizgroup.co.uk/
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