The British fast fashion retailer Quiz Plc suffered significant losses in sales and a loss of millions in the first half of the 2023/24 financial year.
In its interim report published on Tuesday, the company attributed the weak figures to the effects of ongoing inflationary pressure and poor consumer sentiment. The clothing retailer also announced that “strategic options” would now be examined under the leadership of Chairman Peter Cowgill to optimize shareholder value. The results of the study are to be presented at the beginning of next year.
Half-year sales fell by around 14 percent
In the six months to September 30, Quiz’s turnover was 42.3 million pounds (49.3 million euros). This corresponded to a decline of 14.4 percent compared to the level of the same period last year. In the brand’s British stores and concessions, sales fell by 10.6 percent to 22.0 million British pounds, and in e-commerce by 21.7 percent to 12.6 million British pounds. Sales in international business fell by 11.5 percent to 7.7 million British pounds.
Earnings before interest, taxes, depreciation and amortization (EBITDA), which had been 3.7 million British pounds in the same period last year, slipped to 1.1 million British pounds (-70 percent). The bottom line was a net loss of 1.2 million British pounds (1.4 million euros), after a surplus of 1.5 million British pounds had been achieved in the first half of the previous year.
Things continued to decline in the first two months of the second half of the year. In October and November, sales totaled 14.2 million British pounds, a decrease of 11.2 percent compared to the corresponding level last year. This means that development fell short of management’s expectations, explained Quiz.