Quiz warns of sales fall
Fashion retailer Quiz has said the performance of its business had been in-line with expectations prior to the coronavirus crisis.
However, the company has seen a significant reduction in traffic to both its stores and website since the beginning of March.
Now that its stores and concessions have closed due to the pandemic, Quiz is expecting its revenues and margins to be materially below expectations in March 2020. As a result, the company said its financial results for the year ending 31 March 2020 are also likely to be impacted.
In light of the ongoing uncertainty regarding the duration of the coronavirus outbreak, the company has indicated that it is unable to provide any guidance for the outcome of the year to 31 March 2021 at this time.
Quiz said: “The group is continuing to take steps to preserve cash by eliminating non-essential spend, postponing capital projects, substantially reducing stock intakes and deferring payments wherever possible.
“Further announcements will be made by the Group when appropriate. Quiz will notify the market of the date of the group’s FY2020 annual results in due course.”
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