Peter Cowgill, non-executive chairman of fast growing, fast fashion chain QUIZ will deliver a positive trading update to shareholders at the business’s AGM today and will reveal the chain has made a provision of £400,000 in its accounts to cover the costs related to the collapse of House of Fraser.
The AIM-listed chain, which recorded sales up up 30% to £116.4m in the year ending 31 March 2018, said it had enjoyed a strong summer, despite a softening of footfall in April.
In his statement Cowgill said: “The Board is pleased with the Group’s performance during the period which shows continued growth across each of our channels. The Board is also particularly pleased with the positive customer response to QUIZ’s product range over the summer.
“We continue to focus on maximising the QUIZ brand’s online potential by investing in our websites’ and apps’ on-going development as well as effective marketing activity. In line with our strategy and as anticipated, we are now generating stronger growth through QUIZ’s own websites compared to third-party websites, which experienced exceptional growth last year following the launch of partnerships with Zalando and Next.”
The chain has recently opened new stores in Bluewater, Kent and Oxford, which Cowgill said were trading well, and one store has recently been closed.
Of its concessions business in House of Fraser, Cowgill said: “QUIZ has historically operated 11 House of Fraser concessions and sold its products through the House of Fraser website. Further to House of Fraser’s entry into administration and the selective acquisition of assets by Sports Direct International plc, the Group is expecting to provide £0.4 million in the six months to 30 September 2018 in relation to outstanding debtor balances and other potential costs.”
QUIZ said it would provide a Trading Update with regards to the six months to 30 September 2018 on 11 October 2018 and will announce its Interim Results during late November 2018.