Quiz Posts 10% Drop in Sales, Resulting in Financial Setback

Quiz has faced a noteworthy decline, reporting a deficit of nearly £7 million as the cost-of-living crisis continues to influence consumer expenditure.

In the fiscal year concluding on March 31, the fashion retailer announced that it endured a pre-tax deficit of £6.7 million, a significant difference from the £2.3 million gain achieved in 2023.

Revenue fell by 10.6% to £82 million, largely due to an 18% drop in online sales, which settled at £24.5 million, alongside an 8% decrease in brick-and-mortar store and concession revenue, amounting to £41.7 million. Additionally, international revenue decreased by 4%, landing at £15.8 million.

Notwithstanding this decline, Quiz asserted advancements in its transformation strategy, emphasizing that several initiatives intended to improve business performance had resulted in “an enhancement in store and online revenue relative to previous months”.

The strategy, spearheaded by newly appointed CEO Sheraz Ramzan, seeks to leverage the company’s strengths, which include a solid omni-channel model, Quiz’s unique brand identity, its retail locations, and its global reach.

The retailer recognized that its current trading atmosphere remains influenced by inflation, with first-quarter sales diminishing by 11% to £27.3 million during the four months leading to July.

CEO Sheraz Ramzan described the outcomes as “disheartening,” yet conveyed hope that the retailer “will achieve profitable growth once more.”

He mentioned: “We have a clear strategy to enhance our performance by leveraging our core strengths as an omni-channel retailer with a distinctive brand.”

“We have identified several focal points that will assist us in establishing a more resilient enterprise, improving our performance, and returning to profitable growth in the medium term.”

“Throughout the new financial year, we have already rolled out various operational strategies which I believe will support our long-term recovery plan.”

“Although the trading circumstances this year have remained challenging and our recovery will require time, I am encouraged by how rapidly our team has commenced positive changes within the organization.”

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