Quiz revenue falls amid 'challenging' high street trading
By Michele Maatouk
Date: Friday 11 Oct 2019
(Sharecast News) - Fast-fashion retailer Quiz reported a drop in first-half revenue on Friday in a "difficult" UK retail environment.
In an update for the six months to 30 September, the company said trading had been broadly in line with the board's expectations, with revenue down 5% to £63.3m.
Online revenue grew 7% to £20m and Quiz said it had continued to experience "solid" growth through its own Quiz websites, with sales up 12% year-on-year. This reflects continued investment in its online proposition and product range, as well as effective marketing, it said.
However, sales at the company's UK standalone stores and concessions fell 11% during the half to £31.3m as trading conditions on the high street remained "very challenging". Still, Quiz said the rate of decline had reduced in recent weeks.
International sales, which include stores and concessions in the Republic of Ireland and Spain as well as franchise operations in a number of countries, were up 3% to £12m, reflecting growth in revenue from the franchise operations and Spanish stores. This was partially offset by a decline in sales at Irish stores and concessions, consistent with the pattern experienced in the UK.
Chief executive officer Tarak Ramzan said: "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."
At 0915 BST, the shares were down 3% at 16.17p.
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