Quiz posts half year loss
Fashion retailer Quiz has made a £6.8 million loss in the six months to 30 September. This compares to a profit of £3.8 million in the same period last year.
Group revenue decreased by 5% to £63.3 million in the period after revenue from UK stores and concessions fell by 11% to £31.3 million.
However, online revenue was consistent with last year at £20 million while international sales climbed by 3% to £12 million.
Meanwhile, underlying profit before tax was down 85% to £0.6 million.
In a statement, the company said: “The trading conditions on the UK high street have remained very challenging. A continued reduction in footfall across the group’s standalone stores and concessions have resulted in a sustained and weaker than initially anticipated negative like-for-like performance.”
During the period, Quiz opened two stores and nine concessions although seven concessions were closed. In addition, it increased its number of active online customers by 31% to 648,000.
Looking ahead, Tarak Ramzan, Quiz founder and chief executive, said: “ The board remains confident that the Quiz brand remains in good health as is demonstrated by the growing customer base and continued sales growth online. Whilst the group’s full year results will, as always, be in part dependent on trading during the key Christmas period, the board believes the group is taking the necessary actions to ensure that it can deliver long-term profitable growth.”
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