Quiz losses deepen
Quiz has reported an increased loss in its first half as it warned that it will run out of cash in 2025 unless it secures more funding.
In the six months to 30 September, the fashion retailer’s pre-tax loss widened to £4.7 million from £1.5 million at the same time in the prior year.
Meanwhile sales fell by 7.6% to £39.1 million in the period.
Earlier this month, Quiz said it was reviewing its financing and strategic options after trading was impacted by declines in store footfall and online traffic in November. It also warned that its existing bank facilities could be fully utilised in the first quarter of 2025.
In its latest trading update, the retailer said demand in December has improved with online revenues broadly consistent with the prior year on a like-for-like basis. However, sales in store continue to be behind the same time last year.
It added: “As a result, total revenues in December continue to fall short of management’s expectations and have not compensated for the shortfall in revenues experienced in November.”
The retailer also said that changes announced in the Budget to the National Living Wage and Employer’s National Insurance arrangements will mean it faces £1.7 million of additional costs each year from April 2025.
Quiz has recently announced plans to delist from the London Stock Exchange and a General Meeting will be held on 8 January to vote on the proposal.
