Quiz: Shares slump as clothing stays on the rack amid business review
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Shares in ailing fashion brand Quiz fell by nearly four per cent this morning as a depressed Christmas trading report failed to impress investors.
This morning, the retailer, which is chaired by former JD Sports boss Peter Cowgill, said that sales slumped 11 per cent over the festive period, down by £1.1m.
“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 board said.
Late last year, the board said it would launch a strategic review of the business after it posted a £1.5m half year loss and slashed sales forecasts for the year.
At the time, Quiz said Black Friday sales failed to draw in customers and annual reviews were set to be eight per cent lower than what was originally expected.
The firm currently has 64 sites in the UK.
Cowgill exited JD Sports after the competition regulator slapped the firm with a £4m over clandestine meetings with the boss of FootAsylum, a rival firm it was eyeing a takeover of.
He is now tasked with evaluating options for Quiz to “maximise shareholder value”.