Quiz sales rise despite high street fears

Clothing brand Quiz has said its concessions will not be affected by the administration of Debenhams, as it reported rapid annual sales growth.

The group’s revenue in the year to March 31 was up 12% to £130.9 million.

Growth was driven by online sales, which jumped 24% to £41 million.

Sales at its UK stores and concessions were also higher, climbing 4% to £66.9 million.

Quiz said this was down to the opening of three standalone stores in the period and the relocation of two others to larger refurbished sites. Meanwhile, two other stores were closed.

Shares in the company were up more than 7% on Thursday.

The brand is also sold in 119 Debenhams stores in the UK and Ireland, as well as on the department store’s website. This side of the business accounts for 23% of revenue.

Noting the retailer’s pre-pack administration earlier this week, which put it into the hands of lenders, Quiz said its business would not be affected.

However, Debenhams is expected to push ahead with plans for around 50 store closures starting next year, following its administration.

Quiz was previously forced to write off £400,000 following the collapse of House of Fraser last year.

The brand has also faced its own difficulties related to high street trading. In January and March, it warned that profits would be lower than expected as growth came in under expectations.

In a statement on Thursday, the company said it is still reviewing aspects of the business to mitigate this, and will report findings in June.