Quiz posts a loss as Covid restrictions hit trading
Glasgow-based fashion retailer Quiz has slumped to a pre-tax loss for the past financial year as it warned that store closure sand Covid-19 restrictions have hammered recent sales.
It told investors that it posted a pre-tax loss of £29.4 million for the year to March 31, compared with a £216,000 profit in the previous year. The retailer saw its revenues for the period fall by ten percent to £118m.
The company, which closed 11 shops earlier this year after its store operations went into administration, said sales for the six months to September slumped 73 per cent year on year to £17.2 ma ft er being hit hard by the pandemic.
Founder and chief executive Tarak R amzan said it was a “challenging year for Quiz characterised by macro - economic uncertainty and challenges presented by the accelerating structural shift towards online retail”.
He added :“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 re balance our product offering towards more casual clothing to meet the changing lifestyles of our customers. Looking ahead, we remain confident in the strength of our brand and believe that underlying customer demand remains strong for the brand's trademark occasion wear.
"We are confident that the actions we have taken top reserve liquidi ty and reduce our cost base while continuing to invest in the brand mean that the group can return to profitable growth .”