Quiz Christmas sales below expectations
Quiz has posted an 8.4% uplift in Christmas sales although the fashion retailer said the increase was below expectations.
In the six weeks to 5 January online revenue climbed by 34.1%, with the strongest growth coming from the retailer’s own websites where sales rose by 50.8%.
Revenue at Quiz’s standalone stores and concessions was up 1.6% in the period. The company has opened three new stores and relocated two stores into larger units so far in this financial year.
Following the underperformance, Quiz has said it now expects its full year revenue to be lower than current market expectations at approximately £133 million. It is also anticipating that full year EBITDA will be in the region of £8.2 million.
Commenting on the results, Tarak Ramzan, Quiz chief executive, said: “Against the backdrop of challenging trading conditions over recent months, QUIZ has delivered further revenue growth over the Christmas period driven by the performance of our own websites. However, the growth and the margin achieved have been below our initial expectations and, consequently, the board considers it appropriate to revise its sales and profit expectations for the current year.”
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