Clothing brand Quiz has witnessed an increase in Christmas sales despite the Omicron variant disrupting party dress sales.
- Strong stores and discounts have helped offset the £ 700m cut in online revenue
- According to the quiz, the Omicron option lowered customer levels in the second half of December
- Stricter Covid restrictions across Britain have led to the cancellation of many Christmas nights
Quick fashion retailer Quiz has spotted a big boom in store sales during the holiday season, despite Covid’s restrictions affecting the sale of party dresses.
The company said total revenue rose one-fifth to £ 8.8m in December as stores closed in the UK, with sales and discounts up about £ 2m from a year earlier. Rose to £ 2 million.
This helped offset the £ 700 million decline in online shopping after the termination of the third-party partnership, although the board said sales of its websites were in line with its forecasts.
Party Time: Quiz In December, total revenue rose a fifth to £ 8.8m as shops closed in the UK, with sales and discounts rising to £ 5.2m.
Revenues from five retail businesses in Ireland and international business, including 15 concessions, also rose 11 per cent to £ 1.5 million, even as coronavirus cases in the country increased.
The quiz acknowledged that the proliferation of the Omicron option in the second half of the month had “significantly reduced” the level of shoppers and led many consumers to return party dresses to their stores.
On the eve of Christmas and New Year holidays, fashion vendors, this time after last year’s very quiet holidays, are noisy after people interfere with those outside their homes at home and prevent them from supporting the bubble. hoping to trade.
But they struck again after the implementation of Plan B measures in the UK this year, and the governments of Wales and Scotland re-introduced very strict rules on socialization.
Since Boxing Day in WaIes, all nightclubs have been closed, the number of visitors to outdoor events has reached 50, and a maximum of six people could meet in pubs, restaurants and cinemas.
At the end of December, Scotland introduced somewhat relaxed restrictions, although an open event such as a football game could only be attended by 500 people, and more than 100 people could attend an indoor event that was not seated.
Refund: The Omicron option of the quiz acknowledged in the second half of December that it had “significantly reduced customer levels” and led many consumers to return party dresses to stores.
Together, these restrictions have led to more people canceling social events, and many businesses have abandoned traditional office Christmas receptions, resulting in a decline in demand for formal attire.
However, the Glasgow-based Quiz said the firm’s executives were “satisfied with the results achieved during the period, given the difficult trading conditions.”
He added that if the coronavirus “does not lead to more serious disorders,” board members are optimistic that the full year’s results will meet their expectations.
Quiz’s latest sales update comes a month after announcing interim results, which saw its revenue more than double to £ 36.2 million in the six months to the end of September as retail restrictions on retail outlets were lifted. did.
Sales in UK stores and concessions exceeded 250 per cent to £ 16.6 million, although in mid-April the UK government allowed non-essential shops to open their doors. , online sales also grew to £ 2.6m.
Founded in 1993 by Tarak Ramzan, Quiz has become a major British fashion brand online and on the main street, and in 2017 was listed on the London Stock Exchange as an alternative investment market.
He has partnered with reality TV stars on shows such as The One Way – Essex, Jordi Shore and Love Island, and his share price has risen about 125 percent in the last 12 months, and on Friday. Saw an increase of 10.7 percent.
However, their shares have fallen more than 90 percent since the summer of 2018 due to a series of profit warnings, Brexit uncertainty, fierce competition and concerns about the treatment of employees by suppliers.