Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

QS confident despite losses

QS racked up a pre-tax loss of £24.7 million for the year to March 29.

Pre-tax loss at the value chain, which is being rebranded to Store 21, fell by 10% from £27.5m the previous year, while sales dropped 4.7% to £94.7m.

Auditor Baker Tilly said QS breached one of its bank covenants at the end of last year but had since negotiated new terms with lenders.

QS was bought out by Indian supplier Alok last year. Company chairman Rangaswamy Narayan said in a statement to Drapers that the losses could be absorbed by Alok and the business had already shown improved trading since the year end.

He said: “The company was in transition during the financial year ending March 2008. The business was restructured and strategy reworked to set a positive course and we are confident that in 2008/09 the losses will be substantially reduced.

"Operations are showing a positive trend and the revised strategy is expected to pay off handsomely during the course of this year.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.