Quiz has reported a 17% year-on-year increase in revenue, from £78.4m to £91.7m.
The fast fashion brand's final audited results for the year ended 31 March 2023, also revealed earnings before tax rising 21% from £5.1m to £6.2m, while profit before tax was also up 192% from £800,000 to £2.3m over the last year.
Higher levels of full price sales resulted in gross margin increasing from 60.3% to 61.6%, finally surpassing levels achieved prior to the pandemic.
However, in the three months to 30 June, the group generated revenue of £23.2m, representing a 15% decrease on the prior year, 'in part reflecting the strong prior year comparatives in the first half, as well as the impact of the macroeconomic uncertainty and inflationary pressures on consumer demand".
Revenues in the first three months of the current financial year have been broadly consistent on a like-for-like basis with those generated in the comparable period in 2019 - that being the last period unaffected by coronavirus-related factors.
Despite "significant inflationary pressures experienced during the year", operating cash inflows of £5.9m were up on the £5.3m posted in 2022.
Total liquidity headroom at the end of March stood at £8.3m comprising a cash balance of £7.6m and £2.1m of unutilised bank facilities, less £1.4m of bank loans.
Online growth continued, with a 13% increase in sales through Quiz's own website.
Active customers also increased 11% on the prior financial year, in line with demand for the brand's core occasion wear offering.
Store restructuring in recent years was reflected in a "positive contribution" from in-person sales. The estate now comprises 62 stores in the UK and six in the Republic of Ireland.
Quiz stated that the continued focus is on growing revenues from its own stores and website, with three new stores opening in the UK post year-end.
International revenues were up 10% year-on-year.
During second half, the trading environment is expected to "remain challenging", albeit with softer comparatives in the second half of the financial year.
"Reflecting the uncertainty with regards to consumer demand and inflationary cost pressures, the board currently anticipates that profit before tax for current year will be similar that generated in the past year," read the stock exchange update.
Tarak Ramzan, chief executive and founder of the Glasgow-headquartered group, commented: "The past year once again demonstrated the benefits of the group's omni-channel model, as we saw encouraging revenue growth across stores and online.
"We continue to firmly believe that the Quiz brand has a clear, differentiated position in the market and continues to resonate with a broad age range of customers.
"The trading environment in the opening months of the new financial year has been tough, reflecting the widely-publicised external economic factors impacting consumer demand.
"Whilst this challenging backdrop is expected to continue into the second half, the board remains confident that the group's omni-channel business model and differentiated brand will enable the group's long-term success and profitable growth."
Georgia Pettman, research associate at Panmure Gordon, commented that the company has made progress around cost controls and executed higher full price sales, but the narrative in UK retail is focusing on an increasingly promotional backdrop, with tough comparables.
"Accordingly, we have reduced our full-year 2024 estimates, in line with guidance, to £2.3m.
"We note the encouraging signs of longer-term strategic advancements surrounding space and systems and estimate a return to profitable growth in 2025."
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