Quiz continues to experience tough trading
Quiz has said it remains confident in achieving its market expectations for its full year despite a drop in Christmas sales.
The fashion retailer has announced that sales from 1 to 31 December declined by 11% year-on-year to £8.7 million.
Quiz said in a trading update: “This reduction reflects the negative impact of inflationary pressures on consumer demand which resulted in declines in traffic both in-store and online offsetting consistent year-on-year trends in key metrics such as conversion rates and average transaction values. The gross margin performance was consistent year-on-year.”
Quiz announced in its interim results in December that its board is conducting a review of the strategic options available to the group. At the time, it reported that its first half revenue had declined by 14% to £42.3 million after cost of living pressures impacted demand for its dressy occasionwear.
It will report on the findings of the review by the end of March.