Quiz’s half-year revenue falls five per cent due to ‘challenging’ high street conditions
Fashion chain Quiz has revealed a 5 per cent fall in half-year revenue in a trading update today.
The British business blamed the “challenging” high street conditions and decreased football in stores.
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Quiz’s sales fell to £63.3m in the six months ending 30 September, down from £66.7m for the same period in 2018.
The company’s stores and concessions suffered an 11 per cent drop in sales, reflecting the reduced footfall.
It made a weaker-than-expected £31.3m compared to £35.1m last year.
Its online sales grew, however, with a seven per cent rise year-on-year to £20m.
Quiz’s own website enjoyed a 12 per cent increase in sales.
It insisted the rate of decline on the high street had reduced in recent weeks and that its trading performance had been in line with expectations.
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“Overall, the Group’s trading performance in the first half has been broadly in line with the Board’s expectations despite the difficult UK trading environment,” said chief executive Tarak Ramzan.
“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.”