Quiz has experienced a significant drop, reporting a loss of nearly £7 million as the cost-of-living crisis continues to impact consumer spending.
In the year ending on March 31, the fashion retailer shared that it faced a pre-tax loss of £6.7 million, a stark contrast to the £2.3 million profit achieved in 2023.
Sales declined by 10.6% to £82 million, primarily due to an 18% decrease in online sales, which settled at £24.5 million, and an 8% reduction in physical store and concession sales, totaling £41.7 million. International sales also fell by 4%, dropping to £15.8 million.
Despite this downturn, Quiz claimed progress in its transformation strategy, highlighting that several initiatives aimed at enhancing business performance had led to “an improvement in store and online revenue compared to prior months”.
The strategy, led by newly appointed CEO Sheraz Ramzan, aims to harness the company’s strengths, including a robust omni-channel model, Quiz’s brand uniqueness, its retail locations, and its international presence.
The retailer acknowledged that its current trading environment remains affected by inflation, with first-quarter sales decreasing by 11% to £27.3 million over the four months leading to July.
CEO Sheraz Ramzan called the results “disappointing,” but expressed optimism that the retailer “will regain profitable growth.”
He stated: “We have a definitive plan to enhance our performance by capitalizing on our key strengths as an omni-channel retailer with a unique brand.”
“We have pinpointed several areas of focus that will help us create a more resilient business, enhance our performance, and return to profitable growth in the medium term.”
“Through the new financial year, we have already introduced various operational measures which I believe will underpin our longer-term turnaround strategy.”
“Even though the trading conditions this year have remained tough and our recovery will take time, I am encouraged by how swiftly our team has initiated positive changes within the business.”
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