FASHION chain Quiz has posted a significant rise in half-year sales.
The Glasgow-based group said while sales surged by a "marginally" better-than-expected 37.2% to £49.4 million over the six months to September 30, revenue growth has eased over the past two months.
It said it was a "trend consistent with other fashion retail businesses as inflationary pressures began to impact consumer confidence".
Despite this, the group still saw store and concession sales soar by 48.2% to £24.6 million as it benefited from the return to normality on UK high streets since pandemic restrictions ended.
It said like-for-like sales were consistently higher than before the pandemic across its 62 shops and 62 concessions.
Online sales rose by almost a third, up 28.8% to £16.1 million, though the group said efforts to boost shopper basket values had been partly offset by a rise in clothes sent back.
The group also hailed a rise in profitability over the first half thanks to stronger demand for full-price items, while it also said it had been able to recover rising costs as inflation pressures ramped up.
Quiz kept its full-year guidance unchanged, but said it will be dependent, as ever, on the crucial Christmas season and noted the uncertainty over the outlook for shopper confidence.
It said: "Whilst it remains uncertain what impact the current cost-of-living pressures will have on consumers' disposable income and on their demand for Quiz products over the remainder of the group's financial year, management remain confident that the product proposition and commitment to providing glamorous looks at value prices will continue to appeal."
Lord Haughey halts affordable homes plan
LORD Willie Haughey has announced that his ambitious plans to spend more than £1 billion on building 11,000 affordable homes in Scotland as part of efforts to tackle shortages and transform the housing market are on hold.
Speaking on the Go Radio Business Show with Hunter & Haughey yesterday, Lord Haughey shocked his fellow entrepreneur and co-presenter Sir Tom Hunter when he said that two things had led him to reach his decision: the spiralling cost of bricks and Green MSP Patrick Harvie’s rent freeze bill.
‘Britain not the powerhouse we think it is’ says Sir Tom Hunter
SIR Tom Hunter has called on more support for entrepreneurs to get growth back into the economy.
He said: "To get growth back in the economy we need to back entrepreneurs – they are the ones who create jobs.”
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