Party wear sales help Quiz Clothing return to profit

Fashion chain Quiz returned to full-year profits as demand for party wear picked up, but warned sales could suffer as the cost of living tightens.

The group recorded underlying pre-tax profits of £788,000 for the year to 31 March compared with losses of £9.6million the previous year.

Revenue almost doubled to £78.4m, from £39.7m the previous year, thanks to the end of coronavirus restrictions and less lockdown disruption to stores and concessions .

The company said revenue for the first three months of the new financial year was 62 per cent higher at £27.3 million and back to levels seen before the pandemic on a like-for-like basis.

However, he warned of the “potential for sales later in the year to be affected by the effect of the inflationary environment and cost of living increases on consumer confidence”.

Tarak Ramzan, Founder and Managing Director, said: “While there are currently significant levels of consumer uncertainty, we are confident that Quiz is well positioned to continue to deliver on its strategy and drive long-term growth. , durable and profitable.

Quiz said it “marginally” raised prices in the face of rising apparel and shipping costs.

The results show trading at its 62 UK stores and five Irish outlets rebounded, with revenue up 250% to £36.8million, while online sales remained robust, rising 24% over the year and 66% on its website.

In the three months since the end of the year, to June 30, online sales were up 58.2% and stores were up 79.1%.

An Edinburgh-based company that has developed a self-assessment platform for muscle and joint issues has secured a £1.5million investment to drive its growth ambitions.

PhysioMedics said it would expand its business operations after receiving the combination of growth capital and grants, which was led by business angel syndicate Archangels.

OMEGA Diagnostics has found a buyer for its CD4 business, which manufactures point-of-care disposable tests for people living with HIV.

The company said yesterday it had agreed to an anonymous bidder selected for the CD4 business, after receiving a number of indicative bids.

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