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'Disappointing' Christmas for Quiz

Group revenue dropped 9.3% at Quiz Clothing for the seven weeks to 4 January, even after it reported “being pleased” with sales across the Black Friday week. 

The womenswear retailer said it delivered growth through its own website, and revenues rose 5.9% over the Christmas period as a result of less promotional activity than the previous year. 

Quiz’s overall online sales decreased 14.8%. However, this was partly the result of the group’s previously announced strategy to terminate unprofitable revenue streams through third-party websites.

Footfall at Quiz’s stores and concessions continued to decline and revenues took a 7% hit for the seven weeks compared with the same period last year. 

Quiz said gross margins remained in line with expectations and inventory continued to be “carefully managed” with current levels lower than last year. 

Chief executive officer Tarak Ramzan said: “While the trading backdrop has remained challenging, it is disappointing to report a decline in revenues in the period. We were pleased that revenues through our own websites grew in the period with less promotional activity than in the prior year, which underpins our confidence in the health of the Quiz brand.

“We have continued to make good progress in improving gross margins and reducing costs in line with the strategic priorities set out by the board last year. With our cash position, we remain confident that we can improve our financial performance and grow revenues.

“We have a clear customer focus and a flexible model that the board continues to believe will enable Quiz to adapt to the changing retail environment and return to profitable growth in the medium-term.”

Quiz plunged into the red in its latest half-year results, with a loss before tax of £6.8m for the six months to 30 September.  

 

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