Quiz sales drop after strong Black Friday
Fashion brand Quiz has said its sales have softened since Black Friday and dropped by 9.3% in the seven weeks to 4 January.
Online revenues through Quiz’s own websites rose by 5.9% in the period as trading was supported by improved full-price sell-through and less promotional activity than last year. However, overall online sales were down 14.8% after the retailer terminated unprofitable partnerships with some third party websites.
Meanwhile, sales in the retailer’s standalone stores and concessions fell by 7% following a drop in footfall.
Tarak Ramzan, Quiz chief executive, said: “Whilst the trading backdrop has remained challenging, it is disappointing to report a decline in revenues in the period.
“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
“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.”
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