Quiz posts first half sales decline
Fashion brand Quiz has reported a 5% fall in first half revenue after trading was impacted by a drop in footfall.
In the six months to 30 September, group revenue declined to £63.3 million from £66.7 million at the same time in the previous year.
Quiz stores and concessions were hit by reduced footfall in the period which resulted in weaker than expected sales. Sales in Quiz’s UK standalone stores and concessions decreased by 11% to £31.3 million, although the retailer said the rate of decline has reduced in recent weeks.
Meanwhile, online revenues rose by 7% to £20 million once adjusted for unprofitable revenue streams terminated during the year. The retailer continued to experience solid growth through its Quiz websites in the period, with sales increasing by 12% year-on-year.
Quiz said it will continue to work on improving the performance of its physical stores and concessions as part of its omnichannel plans.
Tarak Ramzan, Quiz chief executive, said: “Overall, the group’s trading performance in the first half has been broadly in line with the board’s expectations despite the difficult UK trading environment. Sales growth through Quiz’s websites has continued, reflecting the investment in our product range and marketing initiatives.
“Whilst trading conditions are expected to remain challenging in the near term, the board remains confident that underpinned by Quiz’s flexible business model and an increasing online focus, the group can return to sustainable profitable growth in the medium term.”
