Quiz posts full year loss and revenue decline
Quiz has reported a full year loss and decline in revenue after cost-of-living pressures led to reduced demand from consumers for its occasion wear.
In the year to 31 March, revenue decreased by 10.6% to £82 million as a result of reduced traffic both in-store and online. The retailer also posted a pre-tax loss of £6.7 million compared to a profit of £2.3 million in the previous year.
Quiz is currently implementing a turnaround strategy which includes initiatives such as restructuring the buying and merchandising function, a refreshed marketing approach to elevate the brand, and expanding distribution channels.
During the year, the retailer also saw Quiz founder Tarak Ramzan succeeded as chief executive by Sheraz Ramzan who was previously chief commercial officer.
Commenting on the performance, Sheraz Ramzan said: “Whilst these results are disappointing – in part driven by the challenging macroeconomic conditions impacting many retailers – we have a clear plan to improve performance by leveraging our key strengths as an omni-channel retailer with a distinctive brand.
“We have identified several focus areas to build a more resilient business, improve our performance, and return to profitable growth in the medium term.”
Giving an update on more current trading, Quiz said sales were down 11.1% to £27.3 million in the four months to 31 July, although in-store and online revenues have improved in recent weeks as new initiatives begin to have an effect.
Peter Cowgill, Quiz non-executive chairman, said: “Despite the current macro-economic challenges, the board is confident that the Group’s turnaround strategy led by the new CEO will improve Quiz’s performance and return the business to profitable growth in the medium-term.”
