Quiz's unaudited group revenue increased by 17% to £91.7m during the financial year ended 31 March 2023.
The Glasgow-headquartered clothing brand saw revenue across UK stores and concessions rise by 23% to £45.5m during the 12-month period, while online revenue grew by 12% to £29.8m and international revenue was up by 10% to £16.4m.
In the early months of the full-year, growth came from a recovery in consumer demand for the company's products, following the removal of coronavirus-related restrictions.
Consistent with many other fashion retailers, year-on-year growth subsequently moderated as inflationary pressures began to impact consumer confidence.
As a result of these external headwinds and partially reflecting the strong prior year comparatives, like-for-like revenues in February and March 2023 were lower than the previous year.
However, despite the challenging trading conditions in recent months, group revenues in the final three months of the period were broadly consistent with those generated in the comparable period in 2019 - that being the last period unaffected by coronavirus-related factors.
The board believes external headwinds may impact consumer demand across the group’s sector over the coming months, reducing its visibility for full-year 2024.
Gross margins for the year were in line with management expectations and consistent with those recorded in the previous year.
As a result, Quiz anticipates reporting increased profitability, with a profit before tax of no less than £2m - up from an £800,000 profit during the full-year 2022.
The group’s net cash balance at 31 March 2023 was £6.2m, comprising a cash balance of £7.6m, offset by a £1.4 million drawdown of available bank facilities.
Quiz also has £3.5m of bank and credit facilities available, which are scheduled for renewal in June.
Chief executive Tarak Ramzan commented: “The group delivered a good performance, achieving revenue growth across each of its channels reflecting the strength of Quiz’s trademark dressy and occasionwear product offering.
“This outcome, which was achieved despite the challenging market backdrop in recent months, is a strong testament to our flexible model and differentiated brand.
“Whilst the external trading environment is expected to remain challenging in the near term, we remain highly confident in the group’s long-term prospects.”
Tony Shiret, research analyst at Panmure Gordon, commented: “February and March have been difficult, with the company seeing delayed purchases and casual wear being bought more than its signature dressy fashion.
“Quiz is a very operationally geared company, and as with other clothing retailers, its trade is weather-related, so it is possible that our original forecast could be achieved.
“Longer term, the task and opportunity investment-wise is for the company to demonstrate it can achieve mid-high single digit margins.“
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