Quiz losses widen to £4.7m in H1
The performance of the UK stores and concessions channel has been impacted by ‘weak’ footfall trends reflecting subdued consumer demand
Quiz has reported an increase in pre-tax losses to £4.7m in the six months to 30 September 2024.
The fashion retailer said that its “disappointing” results in part reflect the impact of inflationary pressures on consumer confidence and spending, which has led to an 8% reduction in revenues during the period to £39.1m.
Online sales dropped 15.9% to £10.6m YoY, while in-store sales dipped 7.7% to £20.3m during the period.
Quiz’ EBITDA also dropped to £0.5m, down from £1.1m during the same period in 2023.
The performance of the UK stores and concessions channel has been impacted by “weak” footfall trends reflecting subdued consumer demand. Three stores closed in the period while one store in Sunderland was opened.
Revenues in the period from 1 August to 30 November 2024 amounted to £24.9m, a £1.5m reduction on the prior period.
In an official announcement, Quiz said: “While demand in December has shown signs of improvement with online revenues broadly consistent with the prior year on a like-for-like basis, sales in store continue to trend behind those achieved last year. As a result, total revenues in December continue to fall short of management’s expectations and have not compensated for the shortfall in revenues experienced in November.”
Earlier in December, the retailer had announced that it was reviewing its financing options after the decrease in footfall trends. Since that update, the group now anticipates that its existing bank facilities will be fully utilised in early 2025.
As a consequence of the challenging trading environment and impact on group revenue, on 20 December the directors announced plans to delist the company from the London Stock Exchange and re-register it as a private company.
