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Quiz battles tough retail climate

Group revenue and store footfall fell at Quiz in the six months to 30 September as it continues to battle a “very challenging” retail backdrop.

The Glasgow-based fast fashion retailer said trading had been broadly in line with the board’s expectations during the period.

Revenue decreased by 5% to £63.3m, down from £66.7m in the same period the year before.

Sales across the retailer’s standalone stores and concessions fell by 11% to £31.3m. However, Quiz said it is commited to improving its bricks-and-mortar offer and is taking steps to manage the profitability of its store estate. The average lease length of a Quiz store is 26 months and it is appraising the economics of each store as leases come up for renewal.

Online revenue at Quiz grew by 7% to £20m and sales through Quiz’s own website grew by 12% year-on-year. International sales were also up, growing by 3% to £12m.

Tarak Ramzan, chief executive officer, said: “Overall, the group’s trading performance in the first half has been broadly in line with the board’s expectations despite the difficult UK trading environment. Sales growth through Quiz’s websites has continued, reflecting the investment in our product range and marketing initiatives. Whilst trading conditions are expected to remain challenging in the near term, the board remains confident that, underpinned by Quiz’s flexible business model and an increasing online focus, the group can return to sustainable, profitable growth in the medium term.”

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