Proactiveinvestors United Kingdom Quiz PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Quiz PLC RSS feed en Mon, 17 Jun 2019 06:16:00 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Quiz scraps dividend after House of Fraser collapse and discounting hit profits ]]> https://www.proactiveinvestors.co.uk/companies/news/221861/quiz-scraps-dividend-after-house-of-fraser-collapse-and-discounting-hit-profits-221861.html Quiz PLC (LON:QUIZ) shares dropped sharply on Tuesday after the fashion retailer scrapped its final dividend after its ful-year pre-tax profit slumped by 97% due to costs related to the collapse of House of Fraser and an increased level of discounting.

Pre-tax profit fell to £0.2mln in the year to the end of March 2019, down from £8.5mln a year earlier as the fashion retailer took a £0.4mln bad debt provision after House of Fraser entered administration.

READ: Quiz to "work productively” with collapsed Debenhams as it keeps previously downgraded earnings forecast

House of Fraser, which stocks Quiz products, was bought out of administration by Mike Ashley’s Sports Direct International PLC (LON:SPD) last August, leading to a raft of store closures, which hit suppliers.

Debenhams, another one of Quiz's concession partners, entered administration in April. Quiz said it was present in

10 of the 50 Debenhams stores that have been earmarked for closure, representing lost turnover of £2mln per year. These stores are likely to remain open for most of the 2020 financial year. 

Higher level of promotions hurt margins 

Excluding one-off costs, Quiz still saw underlying pre-tax profit fall by 94% to £0.6mln in fiscal year 2019 as it held more promotions to attract shoppers.

High street retailers have been forced to cut prices to lift sales due to online competition and subdued consumer spending.

As a result of a higher level of discounting, Quiz said its gross margin fell to 60.7% from 63.0% a year ago.

Group revenue, however, gained 12% to £130.8mln with online sales up 34% to £41mln, UK stores and concession sales rose 4% to £66.9mln and international sales were up 8% to £22.9mln.

Quiz suspends dividends 

Quiz said it would suspend dividend payments in order to restore profitability and therefore has not declared a final payout.

The group said current trading remains challenging but sales, excluding sales from trading relationships that have terminated, rose 4% in the two months to May 31.

New turnaround strategy 

The company also announced the outcome of a review to turn around the business.

As part of the new strategy, Quiz plans to reduce its exposure to UK department stores by reducing its concessions by 20 in the coming year. It will also close 33 of its own stores. 

In a bid to lift sales, the firm said it will introduce new product categories, and to grow margins, it will improve sourcing, increase prices and manage stock levels.

Quiz said it will also slash costs to improve profits after investing heavily in the business since its listing on AIM in July 2017.

“Whilst trading conditions have remained challenging in the year to date, the board remains confident that underpinned by our flexible business model and an increasing online focus, the group can return to sustainable profitable growth,” said Tarak Ramzan, Quiz founder and chief executive.

In a note to clients, analysts at City broker, Peel Hunt commented: "The review is sensible but turning QUIZ round will take time. It's unlikely that the shares are going to do much at all and in the absence of a turn in momentum, we see no reason to hold them."

Peel Hunt reiterated a 'sell' rating and 12p target price on Quiz shares, which were down 21% at 21.90p in afternoon trading.

 -- Adds analysts comment, share price --  

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Tue, 11 Jun 2019 08:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221861/quiz-scraps-dividend-after-house-of-fraser-collapse-and-discounting-hit-profits-221861.html
<![CDATA[RNS press release - Preliminary Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190611070008_14105689/ Tue, 11 Jun 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190611070008_14105689/ <![CDATA[RNS press release - Major Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190417162515_14045226/ Wed, 17 Apr 2019 16:25:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190417162515_14045226/ <![CDATA[News - Quiz to "work productively” with collapsed Debenhams as it keeps previously downgraded earnings forecast ]]> https://www.proactiveinvestors.co.uk/companies/news/218413/quiz-to--work-productively-with-collapsed-debenhams-as-it-keeps-previously-downgraded-earnings-forecast-218413.html Quiz PLC (LON:QUIZ) shares jumped as the fashion retailer reported a 12% rise in full year revenue and said it would “continue to work productively” with Debenhams after the department store chain collapsed into administration.

Quiz has 108 concessions in UK Debenhams stores and 11 in the Republic of Ireland.

READ: Quiz shares halve as continued discounting forces it to slash profit forecasts once again

The company also sells its products through the Debenhams website.  

Sales from these activities represented 23% of revenues in 2019.

Debenhams entered administration on Tuesday after rejecting two last-ditch rescue deals from its largest shareholder, Sports Direct International PLC (LON:SPD).

“We note the recent announcement from Debenhams PLC that whilst they have entered into administration the underlying operating companies continue to trade as normal with suppliers expected to be unaffected,” Quiz said in a trading update for the year to March 31.

“We look forward to continuing to work productively with Debenhams going forward.”

Quiz also has concessions with House of Fraser, which Sports Direct rescued from administration last year.

Quiz maintains previously downgraded earnings guidance 

Excluding the £0.4mln of debt arising from the collapse of House of Fraser, Quiz continues to expect full year earnings (EBITDA) to fall to £4.5mln from £11.5mln last year.

Total full year revenue increased to £130.9mln from £116.4mln, led by growth in online sales.

Online sales gained 34% to £41mln while sales from UK stores and concessions grew 4% to £66.9mln and international sales edged up 8% to £23mln.

In March. Quiz said it would launch a “thorough review” of all aspects of its business after the fashion retailer once again warned that full-year results will be even worse than feared.

The group will report the findings of the review at its annual results on June 11.

In morning trading, shares rose 6.6% to 18.55p. 

Quiz’s reliance on Debenhams and House of Fraser has proved disastrous, says analyst

‘‘FY2018/19 has been a troublesome year for fashion retailer Quiz – with two profit warnings and a poor H2, including a particularly dire first two months of 2019 with shoppers all but abandoning ‘going out’ purchases," said Kate Ormrod, lead retail analyst at data and analytics firm GlobalData.

"Its three channels have achieved full-year growth, with group sales reaching £130.9m, up £14.5m on the year, but prevailing challenges for its domestic stores and concessions business in particular pose a serious threat.

"Quiz’s reliance on weak department store retailers Debenhams and House of Fraser has proved disastrous and remains a warning for other players adopting a concession model."

Ormrod said Quiz has to fight back given the relentless discounting cycle of its online-only rivals, such as ASOS PLC (LON:ASC) and Boohoo PLC (LON:BOO).

The company needs to focus on strengthening its product ranges, ensuring they are compelling and that it can justify its midmarket positioning, she said.

"Further differentiation is required to stand out in the crowded market, especially as shoppers will likely focus on product rather than brand when browsing the third-party sites Quiz sells through," she added. 

"Recent diversification into swimwear, tapping into the Love Island-inspired demand for more glamorous and daring styles, is expected to be fruitful; however the retailer’s venture into menswear, which launched a year ago, has not made a big splash despite the growth potential in the category."

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Thu, 11 Apr 2019 09:53:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218413/quiz-to--work-productively-with-collapsed-debenhams-as-it-keeps-previously-downgraded-earnings-forecast-218413.html
<![CDATA[RNS press release - Post-Close Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190411070012_14036859/ Thu, 11 Apr 2019 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190411070012_14036859/ <![CDATA[News - Quiz shares halve as continued discounting forces it to slash profit forecasts once again ]]> https://www.proactiveinvestors.co.uk/companies/news/215983/quiz-shares-halve-as-continued-discounting-forces-it-to-slash-profit-forecasts-once-again-215983.html Quiz Plc (LON:QUIZ) is to undertake a “thorough review” of all aspects of its business after the fashion retailer once again warned that full-year results will be even worse than feared.

Thursday’s gloomy statement means Quiz has now bagged an unwanted hat-trick of profit warnings over the past six months.

READ: Quiz shares plunge after disappointing Christmas

It had previously blamed House of Fraser’s collapse, torrid trading in November and heavy discounting over Christmas for its previous warnings.

Unfortunately, the previous promotions and sales haven’t done the trick, with bosses having to slash prices even further just to get rid of excess stock as the consumer spending backdrop remains “challenging” in the opening few months of 2019.

“Given the significant shortfall in sales experienced in the final quarter of FY 2019 to date, and should this trend continue throughout March 2019, the group anticipates revenues for FY 2019 to now be approximately £129.0mln,” warned Quiz.

“It is also expected that the increased level of discounting will have a material impact on gross margins generated in the final quarter of FY 2019. The board now anticipates that the group's EBITDA will be approximately £4.5mln for FY 2019.”

Business review underway

Back in January, bosses told the market that sales would be around £133.0mln while underlying earnings would come in at £8.2mln.

That was a steep drop on the £138mln of sales and EBITDA of £11.5mln City number crunchers had previously pencilled in.

“This has been a highly disappointing trading period for the group,” said Tarak Ramzan.

“As a result, the board will be reviewing all aspects of the business over the coming months to ensure that we can deliver the group's long-term potential despite the changing consumer backdrop and challenging trading conditions.”

The findings from the review are set to be reported along with Quiz’s full-year results, which are expected to be published in June.

Quiz shares halved to 17.1p on Thursday morning. Over the past six months, the company has lost more than 80% of its market value.

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Thu, 07 Mar 2019 08:25:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215983/quiz-shares-halve-as-continued-discounting-forces-it-to-slash-profit-forecasts-once-again-215983.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190307070013_13993143/ Thu, 07 Mar 2019 07:00:13 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190307070013_13993143/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190220170223_13976249/ Wed, 20 Feb 2019 17:02:23 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190220170223_13976249/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190121142833_13941598/ Mon, 21 Jan 2019 14:28:33 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190121142833_13941598/ <![CDATA[News - Quiz shares plunge 30% as retailer slashes profit guidance after Christmas discounting ]]> https://www.proactiveinvestors.co.uk/companies/news/212384/quiz-shares-plunge-30-as-retailer-slashes-profit-guidance-after-christmas-discounting-212384.html Quiz Plc (LON:QUIZ) lost a third of its value on Friday after the clothes retailer warned that profits will be lower than expected this year as slow trading over Christmas forced it to cut prices.

Many of Quiz’s peers have also complained of heavy discounting in the sector as they try all they can to force shoppers to part with their cash amid a downturn in consumer confidence.

Group revenue in the six weeks to 5 January rose 8.4%, with online leading the way.

READ: HoF collapse prompts profit warning at Quiz

But that was still below what the company itself had been expecting, and as a result, it has lowered its guidance to £133mln from £138mln.

Quiz had previously cautioned back in October that it would have to cut forecasts if Christmas didn’t provide the necessary boost after it was hit by the collapse of House of Fraser.

The sluggish sales performance meant the retailer had to trim some of its prices to entice customers, a move which will hit margins and profitability.

Given the weak top-line growth and lower margins, Quiz is now guiding for an underlying profit (EBITDA) of £8.2mln in the year to the end of March. It had previously forecast EBITDA of £11.5mln.

‘Prudent decision’ to lower forecasts

“Against the backdrop of challenging trading conditions over recent months, QUIZ has delivered further revenue growth over the Christmas period driven by the performance of our own websites,” said chief executive Tarak Ramzan.

“However, the growth and the margin achieved have been below our initial expectations and, consequently, the board considers it appropriate to revise its sales and profit expectations for the current year.”

He added: “We remain confident about QUIZ's long-term potential as an omnichannel fashion brand with a clear customer focus.”

‘Fussy’ shoppers want bargains

City broker Peel Hunt has slashed its price target for Quiz to 25p (from 32p) and kept its ‘hold’ recommendation in place, although it does have some sympathy for the retailer.

“It is obvious that the consumer is very fussy at the moment, and only the very best product is being sold at full price anywhere,” read a note to clients.

“Quiz isn’t quite firing at the moment, and the margin structure of the business is still fragile. Thus, small movements in the sales number can have a disproportionate effect on the bottom line and so it is today: it’s another c20% off EBITDA forecasts.

The broker concluded: “It is difficult to see forecast momentum returning in the immediate future and thus there’s not much to recommend the shares, even if the brand retains its qualities.”

Quiz shares plunged 30% to 25p on Friday morning.

--Adds analyst comment--

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Fri, 11 Jan 2019 08:12:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212384/quiz-shares-plunge-30-as-retailer-slashes-profit-guidance-after-christmas-discounting-212384.html
<![CDATA[RNS press release - Christmas Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190111070004_13931194/ Fri, 11 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190111070004_13931194/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190109171145_13929470/ Wed, 09 Jan 2019 17:11:45 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20190109171145_13929470/ <![CDATA[News - Quiz shares rise as it reports half-year growth despite profit dent from House of Fraser collapse ]]> https://www.proactiveinvestors.co.uk/companies/news/210011/quiz-shares-rise-as-it-reports-half-year-growth-despite-profit-dent-from-house-of-fraser-collapse-210011.html Quiz Plc (LON:QUIZ) shares rose in early trading Tuesday after the firm reported revenue and earnings growth in the half-year despite a dent from the collapse of department store House of Fraser earlier this year.

The AIM-listed clothing retailer reported underlying earnings (EBITDA) for the period of £5.6mln, up 11% on the same period a year ago, while revenues climbed 19% to £66.7mln.

Growth hits reduced targets after October share plunge

Despite growth, the EBITDA was still around £1.5mln lower than the group’s previous forecast after it was forced to cut its expectations in an October trading update as a result of worse-than-expected sales through third-party online partners in the second quarter, a poor performance of UK stores and concessions in September, and the provision against outstanding debt owed by House of Fraser.

READ: QUIZ shares plummet as House of Fraser collapse prompts profit warning

The market responded in turn, with shares plunging 37% on the day.

Gross margins in the first half were also squeezed, falling year-on-year to 62% from 63.5%.

Online surges

Across its divisions, the firm said online revenues had grown 44% to £20mln compared to the first half of last year, while international sales rose 16% to £11.6mln.

Online sales now represent 30% of the company’s sales, up from 25% a year ago, while the active customer base had jumped 89% year-on-year to 495,000.

Revenues from UK stores and concessions also increased 9% to £35.1mln in spite of the collapse of House of Fraser, with Quiz adding that it had opened two new stores and 13 concessions in the period.

Looking ahead, Quiz said the eight weeks to 24 November had seen a 10% year-on-year increase in sales, bolstered by 62% growth in its own brand websites.

The firm added that while its full year results would “be in part dependent on trading during the key Christmas period”, it was “well positioned” to deliver long-term profit growth.

Tarak Ramzan, founder and chief executive of Quiz, said that the firm had delivered “good revenue growth” in the period despite “challenging external market conditions”, mainly due to expansion across its distribution channels and online sales.

Ramzan added that the brand had seen “good sales momentum” in its core collection as well as across its extended ranges including QUIZCurve and the newly launched QUIZMAN range.

The group had also launched its second collaboration with TV show The Only Way Is Essex toward the end of the period, supported by its first-ever national TV advertising campaign.

Broker not convinced, slashes target price

In a note to clients, analysts at City broker Peel Hunt slashed its target price for the group to 40p from 105p saying that the results had been “where they were expected” following the October update, but November trading had been “very weak, with sales little more than flat”.

“Online sales have been very good so this implies that in-store it has been very weak, with LFL down in high single digits we assume,” the broker said, adding that it had cut its full-year EBITDA forecasts to £10mln from £11.6mln.

Shares were up 3.2% at 44.9p.

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Tue, 27 Nov 2018 09:21:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210011/quiz-shares-rise-as-it-reports-half-year-growth-despite-profit-dent-from-house-of-fraser-collapse-210011.html
<![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20181127070014_13881046/ Tue, 27 Nov 2018 07:00:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20181127070014_13881046/ <![CDATA[News - QUIZ shares plummet as House of Fraser collapse prompts profit warning ]]> https://www.proactiveinvestors.co.uk/companies/news/206496/quiz-shares-plummet-as-house-of-fraser-collapse-prompts-profit-warning-206496.html QUIZ PLC (LON:QUIZ) has warned that revenue for the year would miss market forecasts after taking a hit from the collapse of House of Fraser in the first half.

Shares tumbled 25.5% to 110p in afternoon trading. 

The fashion retailer, which has historically operated 11 House of Fraser concessions and sold its products through the department store chain’s website, said sales at its store and concessions weakened in September due to less footfall.  

QUIZ took a £0.4mln charge in the first half related to House of Fraser’s entry into administration in August after which Sports Direct International agreed to buy the chain for £90mln.  

READ: Sports Direct dismisses House of Fraser directors and management

Revenue in the first half still rose 19% year-on-year to £66.7mln, as an unusually hot summer helped sales. Sales at UK stores and concessions increased 9% to £37.1mln while online sales jumped 44% to £20mln and international sales gained 16% to £11.6mln.

READ: QUIZ revenues boosted by “outstanding online momentum”

However, sales online sales through third-party websites were at a similar level to the second half, missing the company’s expectations. QUIZ said it was working closely with its third-party online partners to try to address this performance in the second half.

First-half earnings to fall short of estimates

The group predicts earnings (EBITDA) for the first half of at least £5.5mln, which is £1.5mln lower than its previous estimate, as a result of worse-than-expected sales through third-party online partners in the second quarter, a poor performance of UK stores and concessions in September and the provision against outstanding debt owed by House of Fraser.

Quiz expects revenue decline and flat earnings 

For the year to 31 March 2019, revenue is expected to be lower than current market estimates at about £138mln, down from £116.4mln in 2018. EBITDA for the year is anticipated to be flat at £11.5mln. 

“Although online sales through our third-party partners have been disappointing and will impact the Group's performance for the full year, the changing mix towards increased own-website sales will support profitability growth moving forward,” said chief executive Tarak Ramzon.

“The continued growth of the QUIZ brand in combination with our well-invested infrastructure and flexible business model continue to underpin the Board's confidence in the Group's long-term prospects."  

The company said its full interim results will be posted on November 27.

QUIZ was due to report its trading update next Thursday but brought the statement forward to today. 

Ted Baker also hit by House of Fraser collapse

Earlier this week Ted Baker PLC (LON:TED) posted first-half revenue that missed analyst expectations and a drop in profits due to the impact of House of Fraser's troubles.

The British fashion label incurred a one-off £0.6mln charge for debts owed by House of Fraser, where it has concessions, and said it does not expect to recover the money.

READ: Ted Baker profits hit by House of Fraser collapse, expects challenging second half

The retailer also warned that the second half of the year will "remain challenging" due to a tough retail market. 

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Fri, 05 Oct 2018 15:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206496/quiz-shares-plummet-as-house-of-fraser-collapse-prompts-profit-warning-206496.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20181005143841_13818783/ Fri, 05 Oct 2018 14:38:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20181005143841_13818783/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180905143653_13780168/ Wed, 05 Sep 2018 14:36:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180905143653_13780168/ <![CDATA[News - Few questions for bosses as Quiz bucks retail doom and gloom ]]> https://www.proactiveinvestors.co.uk/companies/news/204217/few-questions-for-bosses-as-quiz-bucks-retail-doom-and-gloom-204217.html There are likely to be few tricky questions for Quiz PLC’s (LON:QUIZ) management at the annual general meeting later today after the fast fashion group released a solid trading update.

In stark contrast to a lot of UK retailers, Quiz stores have “performed well” so far this year, despite the softening of footfall seen in April.

READ: QUIZ revenues boosted by “outstanding online momentum”

The AIM-quoted firm is also ploughing more cash into its physical stores: it has opened two new sites – Bluewater in Kent and Oxford – this year, with plans to open more shops should the right opportunities present themselves.

Bosses said they were “pleased” with the performance so far this year as Quiz reported continued growth across all of its channels, boosted by a positive customer response to its summer ranges.

“Despite an uncertain trading environment, we believe that the group remains well positioned for continued strong growth,” chairman Peter Cowgill will tell shareholders at the AGM.

“At this stage, and with important trading periods in the second half of the financial year still to come, the board remains confident that QUIZ is on track to deliver market expectations for the full year.”

Perhaps the only black spot on an otherwise strong update was the £0.4mln hit from the collapse of department store chain House of Fraser, in which Quiz operated 11 in-store concessions and sold products through its website.

Quiz shares were unchanged at 167.5p on Wednesday morning.

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Wed, 05 Sep 2018 09:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204217/few-questions-for-bosses-as-quiz-bucks-retail-doom-and-gloom-204217.html
<![CDATA[RNS press release - AGM Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180905070009_13778880/ Wed, 05 Sep 2018 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180905070009_13778880/ <![CDATA[RNS press release - Amendment to approval of dividend at AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180817070003_13758911/ Fri, 17 Aug 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180817070003_13758911/ <![CDATA[RNS press release - AGM and Annual Report and Financial Statements ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180803070004_13742443/ Fri, 03 Aug 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180803070004_13742443/ <![CDATA[RNS press release - Grant of Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180702144337_13702096/ Mon, 02 Jul 2018 14:43:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180702144337_13702096/ <![CDATA[RNS press release - Notice of Analyst & Investor Event ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180621130004_13688982/ Thu, 21 Jun 2018 13:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180621130004_13688982/ <![CDATA[RNS press release - Amendment to dividend record date ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180606153649_13669762/ Wed, 06 Jun 2018 15:36:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180606153649_13669762/ <![CDATA[News - QUIZ revenues boosted by “outstanding online momentum” ]]> https://www.proactiveinvestors.co.uk/companies/news/198250/quiz-revenues-boosted-by-outstanding-online-momentum-198250.html QUIZ PLC (LON:QUIZ) has reported 30% increase in revenue as the company said “strong omni-channel growth was driven by international and outstanding online momentum.”

The AIM-listed fast fashion brand said for the year ended 31 March 2018, its revenue increased 30% to £116.4mln from £89.8mln a year ago.

READ: QUIZ gets it right as fast fashion chain’s revenues meet City expectations

Group’s online revenue soared 158% to £30.6mln from £11.9mln, while active online customer base increased 87% to 370,00.

Quiz said its underlying international sales increased 32% to £21.2mln from £16mln. Revenue from UK stores and concessions increased 12% to £64.6mln from £57.5mln a year ago.

The fast fashion brand said it has proposed maiden dividend of 0.8p per share in respect of the second half of financial year 2018.

Quiz added that successful placing on AIM in July 2017 raised £10.3mln of new money for the business to help fund further expansion.

Tarak Ramzan, founder and chief executive of the company, said: “With our attractive customer offer, well-invested infrastructure and omni-channel business model with the flexibility to increase investment in higher return areas, QUIZ is well positioned to deliver strong growth in the year ahead in-line with the Board’s expectations.” 

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Tue, 05 Jun 2018 08:11:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198250/quiz-revenues-boosted-by-outstanding-online-momentum-198250.html
<![CDATA[RNS press release - Preliminary results - year ended 31 March 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180605070005_13666547/ Tue, 05 Jun 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180605070005_13666547/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180427171010_13622502/ Fri, 27 Apr 2018 17:10:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180427171010_13622502/ <![CDATA[RNS press release - QUIZ to trial new product category of menswear ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180416120851_13605902/ Mon, 16 Apr 2018 12:08:51 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180416120851_13605902/ <![CDATA[News - QUIZ gets it right as fast fashion chain's revenues meet City expectations ]]> https://www.proactiveinvestors.co.uk/companies/news/194829/quiz-gets-it-right-as-fast-fashion-chain-s-revenues-meet-city-expectations-194829.html The fast fashion business QUIZ PLC (LON:QUIZ) grew revenues by 30% in the year ended March, with the online business driving the clothing group.

Online, which grew 158%, is now the second-largest operation with sales of £30.6mln, though it is still less than half the size of UK stores and concessions which turned over £64.6mln. That said, the core business advanced at a less stellar pace of 12%.

If you took out of the sales equation non-recurring wholesale revenues from Spain QUIZ’s overall top-line growth rate was an even more healthy 36%. The figures were in line with market expectations.

The company, which was founded in Glasgow in 1993, joined the market back in July valued at £200mln, raising around £100mln in the process, mainly for the company’s founding investors.

Delighted with performance post-IPO

"We are delighted to have successfully completed our first financial year since our IPO in July,” said chief executive Tarak Ramzan.

“This strong performance reflects the growing strength of the QUIZ brand and the continued growth across each of our sales channels and target markets."

 "We look forward to expanding the QUIZ brand as a global fast-fashion destination for customers who want the latest looks at outstanding value with initiatives such as the launch of own language international websites and the continued expansion of our product range.”

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Thu, 12 Apr 2018 08:02:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/194829/quiz-gets-it-right-as-fast-fashion-chain-s-revenues-meet-city-expectations-194829.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180412070004_13601289/ Thu, 12 Apr 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180412070004_13601289/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180321171642_13576319/ Wed, 21 Mar 2018 17:16:42 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180321171642_13576319/ <![CDATA[RNS press release - Christmas Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180110070002_13490820/ Wed, 10 Jan 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20180110070002_13490820/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20171221100108_13474154/ Thu, 21 Dec 2017 10:01:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20171221100108_13474154/ <![CDATA[News - Quiz profits jump as millennials snap up ranges ]]> https://www.proactiveinvestors.co.uk/companies/news/187635/quiz-profits-jump-as-millennials-snap-up-ranges-187635.html Millennials-focused womenswear group Quiz Plc (LON:QUIZ) posted strong half year numbers in the first results since it listed on AIM in July.

Strong sales had already been flagged, but underlying profits [EBITDA] matched the growth in revenue with a 32% rise to £6.2mln.

READ: ASOS and Boohoo face new AIM rival as fashion retailer Quiz set for £200mln IPO

Revenues rose by 35% to £56.1mln as Quiz opened its first stores outside the British Isles, in Spain.

Quiz’s AIM listing was one of the largest on the junior market this year so far, with £103mln worth of shares sold at 161p including £10m raised for the company.

Including the float costs, statutory profits were flat at £3.7mln.

Fast fashion

Quiz aims for the age 15-35 market (millennials) and a smart casual wear range that it can change quickly to keep up with fashion trends.

A clicks and mortar business (online and shops), online sales rose by 205% to £13.8mln as a new distribution centre came online.

UK stores and concession revenue rose by 15% to £32.3mln and international sales by 26% to £10mln.

Tarak Ramzan, chief executive, said trading had remained strong since the end of the half year and it is optimistic going into the key Christmas period.

All channels should show growth this year, he added.

Shares rose 4% to 163.8p.

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Wed, 22 Nov 2017 09:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/187635/quiz-profits-jump-as-millennials-snap-up-ranges-187635.html
<![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20171122070004_13439731/ Wed, 22 Nov 2017 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20171122070004_13439731/ <![CDATA[RNS press release - Pre-Close Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20171011070003_13392480/ Wed, 11 Oct 2017 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20171011070003_13392480/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170921160932_13371535/ Thu, 21 Sep 2017 16:09:32 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170921160932_13371535/ <![CDATA[RNS press release - Notice of Pre-close Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170911070006_13357556/ Mon, 11 Sep 2017 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170911070006_13357556/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170802095547_13316599/ Wed, 02 Aug 2017 09:55:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170802095547_13316599/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170802084039_13316453/ Wed, 02 Aug 2017 08:40:39 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170802084039_13316453/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170801070004_13314053/ Tue, 01 Aug 2017 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170801070004_13314053/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170728081002_13311116/ Fri, 28 Jul 2017 08:10:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170728081002_13311116/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170728080727_13311114/ Fri, 28 Jul 2017 08:07:27 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170728080727_13311114/ <![CDATA[RNS press release - Admission to AIM and First Day of Dealings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170728070005_13310683/ Fri, 28 Jul 2017 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15799/LSE20170728070005_13310683/ <![CDATA[News - ASOS and Boohoo face new AIM rival as fashion retailer Quiz set for £200mln IPO ]]> https://www.proactiveinvestors.co.uk/companies/news/181225/asos-and-boohoo-face-new-aim-rival-as-fashion-retailer-quiz-set-for-200mln-ipo-181225.html ASOS plc (LON:ASC) and Boohoo.com plc (LON:BOO) are set to face a new fashion retail contender on AIM after Quiz was priced at £102.7mln ahead of its listing on London’s junior market.

Quiz said its placing price has been set at 161p per share, giving it a market capitalisation of £200mln.

The placing is expected to raise £92.1mln of gross proceeds for the selling shareholders and £10.6mln for the company, which will be used to support its plans for expansion.

Existing shareholders will hold 48.7% of the company’s share capital after it begins trading on AIM while directors will own 25.8%.

Quiz will use proceeds to fund its plans to open about 20 new stores in the UK in the next two years and for launching more websites abroad including in Spain, the US and Australia.

As part of its growth strategy, the retail will open standalone stores in Spain and concessions in Cyprus, the US and Central America, along with further expansion in the Middle East and the Far East.

The group will also broaden its product range and develop its mobile channel.

“We have a well-invested infrastructure, a clear customer focus and a fantastic team and I am delighted that investors have recognised the Company’s significant strengths and opportunities with their support,” said Tarak Ramzan, found and chief executive of Quiz.

“We are confident that the company’s admission to AIM will help Quiz to deliver its clear omni-channel growth strategy and enable the brand to achieve its hugely exciting global potential.”

Between 2015 and 2017, Quiz has grown its revenue by an average of 21% per year and underlying earnings by about 30.6%.

In the year to 31 May 2017, the company unveiled a 37% increase in revenue, driven by online sales growth.

While Quiz has been rapidly growing, it has a way to go in catching up with ASOS, which has a market value of £4.7bn, and Boohoo, worth £2.5bn. 

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Thu, 20 Jul 2017 13:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/181225/asos-and-boohoo-face-new-aim-rival-as-fashion-retailer-quiz-set-for-200mln-ipo-181225.html
<![CDATA[News - Quiz Clothing to join Boohoo and ASOS on London's AIM market as it confirms intention to float ]]> https://www.proactiveinvestors.co.uk/companies/news/179300/ Fashion retailer Quiz Clothing has confirmed its intention to float on the London Stock Exchange’s AIM market next month to fund its rapidly growing business.

The womenswear company, which targets 16 to 35 year-olds, said it is seeking admission for a £200mln initial public offering and has appointed Panmure Gordon to advise on its plans to go public.

On admission, Quiz will be the latest in the affordable fashion industry to go public after Boohoo.com plc (LON:BOO) and ASOS plc (LON:ASC), which have benefitted from the shift towards online shopping. ASOS is the biggest stock on AIM by market capitalisation with Boohoo in second place.

WATCH: Quiz among a slew of companies planning to join AIM

Quiz said it intends to appoint JD Sports Fashion plc (LON:JD. boss Peter Cowgill as independent non-executive chairman if the IPO goes ahead. Cowgill has led JD Sports to overtake Sports Direct in the UK sportswear retail sector in terms of market value. Earlier this year JD Sports impressed with a record 55% jump in pre-tax profit to £246mln in the year to 28 January from £158mln the previous year. 

Quiz, which has made a name for itself with affordable occasionwear, reported a 29.5% increase in revenue to £89.7mlnin the year to 31 March 2017, driven by online sales. Underlying earnings (EBITDA) jumped 44.3% to £10.3mln.

The company will use the funds from the IPO to support its strategy for growth, including the launch of international websites and opening more stores in the UK and abroad.

“We are delighted to announce the group's intention to float on AIM and we are confident that this will help enable the brand to achieve its exciting global potential,” said Quiz chief executive and founder, Tarak Ramzan.

The company, founded in 1993, currently has 72 standalone stores and 167 concessions in the UK, including in Debenhams, and the Republic of Ireland. It also has stores in 20 countries, including Dubai, Saudi Arabia, Pakistan and Malaysia.

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Thu, 15 Jun 2017 08:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/179300/