Quiz sees jump in interim revenue as online sales rocket

● Growth comes after clothing retailer’s July IPO and extending footprint abroad

Glasgow-based womenswear retailer Quiz has seen a 200 per cent boost to online sales help raise half-year revenues by more than a third just months after its London flotation.

The firm, which raised £10.3 million through an initial public offering (IPO) on the junior Alternative Investment Market in July, reported a 35.2 per cent rise in group revenue to £56.1m for the six months to 30 September.

This came on the back of surging sales growth across its online and international channels and continued strength in its UK business.

The business, which has 70 standalone stores and 149 concessions in the UK and Ireland, has invested funds from its flotation in a company-wide expansion plan that included its online retail channel.

Digital investments seem to have paid off as Quiz reported “exceptional growth” for its online operations with a 204.6 per cent rise in revenues to £13.8m. But restructuring and IPO transaction costs bit into pre-tax profits, which came in nearly flat, down 0.2 per cent at £3.7m.

Founder and chief executive Tarak Ramzan said: “We are pleased to report a very good performance for the Quiz brand in the first half of the financial year, with strong growth delivered across each of the brand’s distribution channels, most notably online and international.”

But its UK business, where it is set to open five stores and seven additional concessions by the end of November, continues to account for the lion’s share of Quiz revenues at just under 60 per cent. Half-year UK revenues jumped 15.2 per cent to £32.3m.

Quiz also opened its first stores outside the UK and Ireland over its first half – launching three outlets in Spain – and reported a 12.3 per cent rise in total international sales to £10m.

The company – which specialises in occasion wear, evening wear and casual wear for what it calls “fashion forward women” in the 16 to 35 age range – now boasts a portfolio of 300 standalone stores, concessions and franchises, and is present across 20 countries.

Ramzan said the company is entering the “important Christmas trading period with good momentum”.

He added: “The board remains confident of deliveringgrowthacrossallchannels for the full year.”

Quiz was founded in 1993 and started trading with three stores in Scotland. It launched its online operation in 2005 and has been eyeing plans to launch a US website.

Shares in the firm were priced at 161p ahead of its flotation, which valued the company at about £200m.

Retailing analyst and consultant Nick Bubb said the Quiz share price had fluctuated since the IPO, “so the company needed to be convincing about trading prospects when it reported its interims… and it has,” noting that underlying sales have been up nearly a third in the last seven weeks, after the first-half growth.