Quiz has posted a drop in sales over Christmas as the “negative impact” of inflationary pressures on consumers took its toll on the fashion retailer.
Quiz reported an 11% decline in sales year on year for December 2023, to reach a sales total of £8.7m.
The fashion retailer attributed the drop to the “negative impact of inflationary pressures” as they continued to hit consumer demand.
Quiz said in a statement: “This reduction reflects the negative impact of inflationary pressures on consumer demand which resulted in declines in traffic both in-store and online, offsetting consistent year-on-year trends in key metrics such as conversion rates and average transaction values.”
The fashion retailer added that gross margin performance for the period remains consistent on a year-on-year basis.
Despite the drop in sales over Christmas, Quiz said its board “remains confident” that it will reach the current full-year market expectations.
It also said that its previously announced strategic review is “progressing” and that the findings of the review are anticipated to be reported by the end of March this year.
Quiz added that while its £4m of banking facilities is set to expire in the summer, there are “no financial covenants” applicable to the facilities.
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