Quiz expects March results ‘materially’ below board expectations

Fashion retailer Quiz has warned that its March revenues and margins are expected to be “materially low” compared with the board’s expectations amid the coronavirus pandemic. 

Quiz said that prior to the Covid-19 outbreak, its year-to-date performance was set to be in line with expectations.

Quiz said since the start of this month, there had been a “substantial reduction” to traffic in stores and online, with the group making the decision on 22 March, ahead of Boris Johnson’s lockdown announcement, to close all its physical stores and concessions in order to “ensure the health and wellbeing of its staff customers.”

Quiz said: “Given the ongoing uncertainty regarding the duration of the Covid-19 outbreak, the board is unable to provide guidance for the year ending 31 March 2021 at this time.

“The group is continuing to take steps to preserve cash by eliminating non-essential spend, postponing capital projects, substantially reducing stock intakes and deferring payments wherever possible.”