Quiz profits drop 97% amid ‘volatile trading’
Written by Peter Walker
Quiz has reported full-year pre-tax profits down 97 per cent from £8.5 million to £200,000 as a result of “volatile trading conditions”.
The Glasgow-based fashion retailer, which operates more than 275 stores in the UK, did record rising revenues for the year to March 31 2019, up 12 per cent to £130 million, but earnings before tax were down 65 per cent to £4.2 million.
Quiz stated that online revenue was up 34 per cent year-on-year to from £30.6 million to £41 million - representing 31 per cent of group revenue - while international sales were also up eight per cent to £22.9 million.
Founder and chief executive Tarak Ramzan commented that despite the challenges faced during the period, the group has continued to achieve sales growth across its omnichannel model.
“As announced in March, the board and senior management team have carefully reflected on our business, strategy and prospects to ensure that we are able to navigate what remains a volatile trading environment and restore profitable growth.
“We have concluded this review process with sharpened focused and a clearer vision of what is required to ensure that Quiz succeeds in a dynamic retail sector and achieves its strategic objectives,” he added.
During the year, Quiz opened three new standalone stores and 25 new concessions, while two standalone stores and one concession closed.
Earlier this week Quiz unveiled a brand new 2,200 sq ft store in Manchester’s Arndale Shopping Centre.