Quiz has suffered a fall in sales during its first half as “very challenging” conditions on the high street impacted its top line.
The fashion retailer said a decline in footfall to its stores and concessions resulted in “weaker than initially anticipated sales” during the six months to September 30.
Revenues raked in from its physical locations tumbled 11% to £31.3m during the period, although Quiz insisted that the rate of decline had “reduced in recent weeks”.
Quiz’s bricks and mortar challenges drove group revenues down 5% to £63.3m during the half. Online sales could not offset the physical declines, remaining flat year on year at £20m.
However, Quiz said that, after stripping out the impact of “unprofitable revenue streams” online, ecommerce sales increased 7%.
International sales, comprising primarily of stores and concessions in Ireland and Spain, climbed 3% to £12m.
Quiz insisted that trading had been “broadly in line” with expectations despite the “difficult” trading backdrop in the UK.
Boss Tarzak Ramzan said: “Overall, the group’s trading performance in the first half has been broadly in line with the board’s expectations despite the difficult UK trading environment. Sales growth through Quiz’s websites has continued, reflecting the investment in our product range and marketing initiatives.
“Whilst trading conditions are expected to remain challenging in the near term, the board remains confident that underpinned by Quiz’s flexible business model and an increasing online focus, the group can return to sustainable profitable growth in the medium term.”
Quiz is due to report interim results on December 4.
No comments yet