Online sales at Quiz down 15 per cent
Written by Hannah McGrath
16/01/2020
Revenues at fashion retailer Quiz fell 9.3 per cent over the festive trading period despite strong Black Friday sales, driven by a 14.8 per cent slump in online sales.
The fast fashion retailer, popular with Gen Z shoppers, said the “disappointing” results for the seven weeks to 4 January reflected falling sales across in-store and online channels.
Online revenues were down both on Quiz’s own websites and a number of third-party websites. The group has ended a number of partnerships with third party websites in the past year, which, combines with weaker sales through remaining partners has led to revenues “significantly declining” compared to 2018.
The company also reported a fall in footfall in Quiz stores and concessions, with revenue from these channels down 7 per cent for the period.
Tarak Ramzan, chief executive of Quiz, said: "Whilst the trading backdrop has remained challenging, it is disappointing to report a decline in revenues in the period. We were pleased that revenues through our own websites grew in the period with less promotional activity than in the prior year, which underpins our confidence in the health of the Quiz brand.”
He added: “We have a clear customer focus and a flexible model that the Board continues to believe will enable Quiz to adapt to the changing retail environment and return to profitable growth in the medium‐term."
Related Articles
