(Press Association) A 200% boost to online sales helped raise half-year revenues at womenswear retailer Quiz just months after its London flotation.
Quiz – which raised £10.3m through an initial public offering (IPO) on London’s junior AIM market in July – reported a 35.2% rise in group revenue to £56.1m for the six months to September 30, thanks to surging sales growth across its online and international channels and continued strength in its UK business.
The Glasgow-based 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% 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% 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 have opened five new 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%.