UK sales soften at Quiz, shares fall
By Abigail Townsend
Date: Thursday 27 Jun 2024
(Sharecast News) - Shares in Quiz came under pressure on Thursday, as cost of living pressures continued to weigh heavily on sales.
Updating on current trading, the AIM-listed fashion retailer said it had seen a 12% increase in demand for Quiz products in international territories since the 31 March year end.
Like-for-like in-store sales were also broadly comparable year-on-year.
However, it also warned: "UK sales have continued to be impacted by ongoing cost of living pressures on our customers.
"As a result, revenues in the period from 1 April to 31 May amounted to £13.8m, a £1.7m reduction on the prior year, which is consistent with expectations."
As at 1000 BST shares in Quiz were down 7% at 4.9p, having earlier tumbled to just under 4p.
Quiz said it was managing its cost base and working capital "carefully" and would continue to look for opportunities to improve both revenues and profits.
It noted that since March, it had already restructured its buying and merchandising function, overhauled marketing and expanded distribution channels.
Quiz also confirmed £4m of bank facilities had been renewed for another 12 months, to 30 June 2025.
The company is due publish full-year results in late July.
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