1st Apr 2022 08:56
(Alliance News) - Quiz PLC on Friday said it expects to report an annual profit, helped by the fashion brand's revenue coming in ahead of expectations.
Quiz shares jumped 36% to 14.64 pence each in London on Friday morning.
For the financial year which ended March 31, Quiz expects to post revenue of GBP78.0 million, which would top expectations and be up 96% from GBP39.7 million from the year prior.
"Positive sales momentum" it saw over the Christmas period continued into the final quarter of its financial year.
"This encouraging momentum was achieved across both the group's store and concession portfolio as well as its e-commerce website, and resulted in like-for-like revenues broadly consistent with those generated in FY 2019, prior to the impact of Covid-19," Quiz said.
The Glasgow, Scotland-based company explained its gross margins for the final quarter were "consistent" with financial 2019, before the onset of the pandemic.
Quiz said: "This was driven by strong full-price sell through of Quiz's trademark occasionwear and dressy casualwear products in response to the increased prevalence of social occasions such as weddings, and holidays compared to the previous year."
The company expects earnings before interest, tax, depreciation and amortisation of no less than GBP4.3 million for financial 2022. Pretax profit is expected to amount to no less than GBP500,000.
In financial 2021, Quiz's Ebitda amounted to GBP10.7 million, though it reported a loss of GBP4.9 million on an underlying basis.
It had posted pretax profit of GBP6.0 million, but a GBP9.6 million underlying pretax loss.
Quiz posted a GBP15.6 million non-recurring gain in financial 2021, stemming from its disposal of its Kast Spain unit.
By Eric Cunha; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Quiz