In a sector where traditional offers are struggling, the market awards high valuations to operators that have demonstrated the creation and development of new markets. QUIZ PLC (LON:QUIZ), with its expanding presence in the 16-35 year-old fast fashion market, and only nine months after IPO, is still in the process of realising that promise. The latest indications suggest that it is succeeding, and argue for a re-rating.
Pre-close: On course for FY18 PBT growth of 21%
QUIZ confirms that FY revenue grew by 30%, or 36% underlying, to £116.4m in line with expectations. Online sales, 26% of the total, grew by 158% driven by the company’s own websites and growing presence in third-party websites. UK stores and concessions (56% of sales) grew 12%, driven about equally by strong like-for-likes and new openings. International stores (18%) grew by an underlying 32%, with openings in Spain and Ireland, and franchised stores across established markets. Gross margins are as expected and QUIZ is investing in growth across its IT, online, marketing, distribution, buying and merchandising functions.
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