Newly listed fast fashion retailer QUIZ achieved a 35% growth in H1 group revenue to £56.1m reflecting its continued UK and international expansion.
The Glasgow-based business which was admitted to AIM in July of this year said in a pre-close trading update today that online revenue (made through its own website and third-party sites) had leapt by by 204% to £13.8m in the six-month period. Sales through its own website were up 122% while the growth in third party site sales had been boosted by the brand’s addition to the Next website in October 2016 and the Zalando site in Germany in May 2017.
Last month the business launched a localised site for the Spanish market as it continues to target international growth. Total international sales for H1 2017 were up by 12% at £10m. Towards the end of the period three standalone stores were opened in Spain, the first of the brand’s standalone stores outside of the UK and Ireland.
It also continued to expand its international franchise operations increasing from 65 units to 76 units in the half, including new franchise units in Dubai, UAE and Morocco. In the UK standalone stores and concessions increased by 15% to £32.3m with each channel performing in line with expectations. Five new UK standalone stores are in the pipeline to be opened before Christmas.
Chief executive Tarak Ramzan said he was “very pleased” with the performance. “Our IPO in July 2017 was a hugely important milestone for the Company as we continue to build the QUIZ brand as a global fast-fashion destination for customers who want the latest looks at outstanding value. The QUIZ brand has a distinct USP, a strong customer connection and fast-fashion in its DNA. Our customer base is growing strongly and we are confident of delivering further growth,” he said.