Quiz losses deepen after pandemic store closures
Fashion retailer Quiz has posted deepening losses after the pandemic deterred consumers from buying occasion wear and forced shops to shut for months.
Group revenue dropped 66 per cent for the year ended 31 March 2021 , which the retailer said was down to the impact of the pandemic on trading conditions.
The retailer posted a revenue of £39.7m, after customers held back on purchasing “dressy wear” with restrictions on socialising imposed for most of the period.
The Glasgow-based firm reported an underlying pre-tax loss of £9.6m, compared to a loss of £3.1m in the previous year.
Gross profit fell to £21.2m, down from £71.1m the previous year, as the retailer was hammered by the pandemic.
The company said it had secured an “economically viable store portfolio,” of 66 sites, after a restructuring led to the closure of 16 stores.
It said it had taken “decisive actions” in reducing its cost base by 47 per cent.
Sales had slowly improved since the lifting of Covid restrictions earlier this year, and the retailer said like-for-like performance was edging towards pre-pandemic levels.
Sales topped £30m since the period end, up £17.4m on the same period last year.
Quiz founder and chief executive Tarak Ramzan said: “We have continued to invest in our own ecommerce channels as we optimise our omni-channel model. We remain confident in the strength and appeal of Quiz as an occasion wear led brand, as has been evidenced by the increase in demand and positive trends across our operational KPIs as social events returned during the summer.”