British retailer Quiz has revealed it has appointed management consultants to “consider appropriate options” after sales fell sharply in its key trading month of November.
In the four months from August 1st to November 30th, 2024, Quiz’s total sales fell by 5.7 percent compared to the previous year to 24.9 million British pounds (around 30.1 million euros). There were declines both in online sales (-8.1 percent) and in British stores and concessions (-9.7 percent).
These were only offset by a notable increase in international sales, which rose 11.3 per cent to £4.9 million, supported by strong performance across quiz partners in the Middle East and the US.
The company specifically cited the move to a new international partner as a reason for the increase in international sales and reported that it plans to open four new stores in the coming months, adding to its existing 15 locations. Quiz noted that the impact of the later-than-usual Black Friday and the recent UK budget announcement was currently unclear, but sales for the eight months to November 30 remained stable at £52.2 million.
Despite the focus on working capital, Quiz said the liquidity headroom available to the company was “lower than previously estimated”, with existing banking facilities potentially being fully utilized in the first quarter of 2025.
If business does not improve significantly in the pre- and post-Christmas period, Quiz will work with consultants to review the group’s funding and strategic options. The company also said a majority shareholder loan will be agreed and made available to the group, with additional funding required by the first quarter of 2025.
This article previously appeared on Fashionunited.uk and was created using digital tools translated.
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