Quiz launches strategic review after £1.5m loss
The process is being led by the company's independent chairman, Peter Cowgill, supported by the company's retained advisor, Panmure Gordon
Quiz has announced that it has launched a strategic review after it posted a pre-tax loss of £1.5m for the six months ended 30 September 2023.
This loss comes after the company posted a profit of £1.8m in the same period last year, with the retailer putting this drop down to inflationary pressures.
Quiz now expects its full-year revenues to be 6-8% lower after a shortfall in demand in recent months and a lacklustre Black Friday.
The retailer saw its revenues drop to £42.3m down from £49.4m in the same period last year.
Furthermore, the company’s EBITDA dropped from £3.7m last year to £1.1m this year.
The womenswear retailer stated that “given the group’s recent trading performance, the Board has decided to immediately initiate a thorough review of the strategic options”.
The process is being led by the company’s independent chairman, Peter Cowgill, supported by the company’s retained advisor, Panmure Gordon.
Tarak Ramzan, founder and CEO, said: “This has been a challenging period for many retailers, and we have not been immune to the widely publicised macro headwinds impacting consumer demand. Notwithstanding the ongoing pressure on consumers, we have continued to focus on taking the right decisions for our long-term future, including prioritising protecting full-price sales and carefully managing our store portfolio.
“I remain confident that QUIZ remains a strong, distinctive brand known for providing glamorous looks at good value prices. However, given the prolonged period of challenging trading we believe it is prudent to examine a range of options to maximise shareholder value.”
