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Quiz swings to annual loss; sales in first half of new year slump 73%

By BFN News | 07:33 AM | Tuesday 27 October, 2020


Fashion retailer Quiz swung to a loss for the year through March and said trading had deteriorated even further since due to the pandemic. Pre-tax losses for the year to 31 March 2020 amounted to £29.4 million, compared to a profit of £0.2 million year-on-year. Quiz, which had been suffering from a shift in shopping habits towards online channels, recently restructured its store portfolio. It had so far reopened 60 stores in the UK, four in Ireland and was in negotiations with regards to a total of five further stores. Sales in the six months to 30 September 2020 tumbled 73% to £17.2 million. Quiz also announced that it had conducted a thorough review of its ethical auditing processes following revelations of poor conditions for factory workers in the UK. 'As a result of the review, the group has taken a number of actions to strengthen its procedures and ensure that its products are consistently supplied in line with QUIZ's Ethical Code of Practice,' it said. The company had cash of £4.8 million at 26 October and £3.5 million of undrawn banking facilities. 'Looking ahead, we remain confident in the strength of our brand and believe that underlying customer demand remains strong for the brand's trademark occasion wear which we aim to capitalise on when restrictions on social events are eased,' founder and chief executive Tarak Ramzan said. 'We are confident that the actions we have taken to preserve liquidity and reduce our cost base while continuing to invest in the brand mean that the group can return to profitable growth as market conditions improve.' Story provided by StockMarketWire.com

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