QUIZ, the international and omni-channel womenswear fast-fashion brand, today reported record annual financial results for the year ended 31 March 2016 (the “period”). The Group operates across three companies: Kast Retail Ltd and Tarak Retail Ltd in the UK, and Tarak International Ltd, managing the brand’s international operations, all of which filed accounts with Companies House today.
Strong international multi-channel growth
QUIZ delivered another year of outstanding growth across distribution channels both in the UK and internationally, reflecting the brand’s enhancing reputation as the destination for must-have occasion wear, eveningwear and trendy casualwear at fantastic value.
During the period, the brand continued to expand in the UK and Republic of Ireland (‘ROI’) with 50 new standalone stores and concessions with third parties including Debenhams and House of Fraser. At the end of the period, QUIZ had over 220 UK and ROI outlets and 47 international stores with the brand now trading in 20 countries.
QUIZ is a true omni-channel brand and online sales through the QUIZ website as well as e-commerce partners increased 33% year on year. Retail sales, covering QUIZ stores and concessions, increased 10% and sales through third party partners increased 37%.
Investment in long term growth
The Group continued to invest in the QUIZ brand’s exciting long-term growth potential, with investment across the business up 230% to £5.6m during the period. More than £3.0m was invested in a new automated and state-of-the-art warehouse facility in Bellshill, Scotland, which will support delivery of the brand’s UK and international growth plans. This investment was funded by the Group’s strong cash flows, and the Group remains debt free.
Momentum continues through 2016
The Brand’s strong momentum continued through 2016, post the period end, with further store and concession openings in the UK. The latest standalone stores, opened in November 2016, included Ayr in Scotland and Athlone in the Republic of Ireland. Over the past year, the brand has updated its stores with a new ‘boutique’ look and, as part of this roll out, in November 2016 the Group refurbished its intu Merry Hill Birmingham store with its latest concept.
The brand recently reported an outstanding Black Friday performance with online brand sales increasing 90% compared to the equivalent day last year. During Black Friday week, total QUIZ brand sales, including sales through third party websites, increased 80% year-on-year.
Tarak Ramzan, Founder, commented: “QUIZ delivered an excellent performance in the year to 31 March 2016 reflecting the strength of our omni-channel business model and growing appeal of the QUIZ brand. We have delivered strong double-digit growth in sales and profits, as well as continuing to invest in the business to ensure we deliver the brand’s exciting long-term potential.
“QUIZ continues to build momentum in the UK and enjoy positive reactions in our international markets, underpinned by the design, value and style of our products, and we remain excited about the significant growth opportunities across our markets.
“I would like to take this opportunity thank all the members of our talented and committed team at QUIZ team who helped to deliver this year of outstanding growth.”