Quiz has posted losses and a decline in revenue in a ‘disappointing’ financial year

In the year to March 31, Quiz saw its revenue decline 10.6% from £91.7m to £82m.

It also recorded a loss before tax of £6.7m, compared with a profit of £2.3m the previous year, while EBITDA reduced from £6.2m to £0.9m in this period.

The group is now focused on a turnaround strategy to “return the business to profitable growth” following a strategic review which saw Sheraz Ramzan take the reins as chief executive in March.

The strategy is focused on leveraging Quiz’s core strengths: a well-established omnichannel model, brand distinctiveness, its store portfolio and its international model.

Current trading continues to be affected by inflationary pressures and Quiz has generated total sales of £27.3m in the four months to July, compared with £30.7m in the same period last year.

The board is “confident” in the turnaround strategy and believes Quiz will return to growth in the medium term.

Chief executive Ramzan said: “While 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 omnichannel 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. In the new financial year to date we have already implemented several operational initiatives which I am confident will support our longer-term turnaround strategy.

“While trading conditions in the current year have remained challenging and our turnaround will take time, I am pleased with the speed at which as a team we have been able to drive positive changes in the business.”