Quiz reports falling sales and revenue for 2020

Quiz has reported falling revenue and sales for the year ended 31 March, blaming COVID-19 disruption for the change in fortunes.

The omnichannel fashion brand’s unaudited preliminary results showed group revenue down 10 per cent year-on-year, while online revenue decreased nine per cent year-on-year to £37.5m – with the decline predominantly reflecting lower sales via third-party websites.

Sales volumes through the Quiz website were consistent with the previous year, but more profitable year-on-year.

The pandemic “significantly impacted” Quiz's sales in the current financial year, with stores and concessions closed for a number of months. As a result, total sales in the six months to 30 September amounted to £17.2 million, a 73 per cent decline on the £63.3 million revenues generated in the previous year.

Revenue from UK stores and concessions decreased 12 per cent from £66.9 million to £58.7 million. Online sales represented 31.8 per cent of group revenue during the year – up marginally from 2019. The retailer’s active online customer base increased 11 per cent to 638,000.

International sales decreased five per cent from £23 million to £21.8 million, reflecting declining revenues from stores and concessions in the Republic of Ireland and the cessation of certain franchise sales.

Underlying earnings before tax were just £600,000 – down from £4.6 million last year.

Previously targeted gross cost savings of £2 to £3 million were achieved during the period. Further to the restructuring, the group closed three stores in Spain.

Founder and chief executive Tarak Ramzan commented: “The board has taken decisive action to protect its customers and its people, preserve liquidity, and restructure its store estate to align the group’s business model to the new reality of store retail.

“We continue to rebalance our product offering towards more casual clothing to meet the changing lifestyles of our customers,” he added.

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