Scottish fast fashion retailer Quiz gets Black Friday boost after swinging back to profit

Quiz, the Glasgow-headquartered “fast fashion” retailer, has swung back to profit while shoppers stocking up on clothing for parties and special occasions in the Black Friday sales has boosted recent trading.

The retailer, which sells occasion and dressy casual clothing and accessories, said it had returned to profitability in the half year as it benefited from restructuring and tightly managing costs and stock. It posted pre-tax profits of £1.8 million for the six months to September 30, up from £1.3m in losses in the same period last year. Group revenues jumped 37 per cent to £49.4m, marking a return to pre-pandemic levels. This reflected growing demand for partywear as big events returned and following the impact of the pandemic last winter.

Furthermore, stronger sales over recent weeks including the Black Friday sales period helped to offset weaker-than-expected revenues in October, Quiz added. But it warned that it had been impacted by higher operational costs, like many other retailers. The group, which has 62 stores in the UK as well as concessions in stores such as New Look, said it has continued to cut costs wherever possible. That follows a major restructuring move in 2020.

Tarak Ramzan, founder and chief executive, said: “The Quiz brand has performed well in the first half of the year. While we will not be immune to the widely publicised cost-of-living pressures on the consumer in the second half of the year, I remain confident that supported by our omni-channel model, fantastic brand and unique occasion wear offering, Quiz is positioned well for long-term, sustainable and profitable growth.”