Quiz warns of red numbers

At British fast fashion retailer Quiz Plc, sales development in recent months has failed to meet expectations. Because a positive trend reversal is not foreseeable in the near future, management now expects to end the current 2023/24 financial year with a loss.

According to an interim statement published on Tuesday, group sales in the five months since the start of the financial year on April 1st amounted to 37.0 million British pounds (42.9 million euros). This corresponded to a decrease of 15.3 percent compared to the same period last year. Inflation-related cost pressures have weighed on demand and ensured that sales development fell short of management’s expectations, the clothing supplier explained.

Revenues from British stores and concession areas in the first five months of the current financial year were 19.3 million British pounds, 11.4 percent below the corresponding previous year’s level. In e-commerce they shrank by 23.8 percent to 10.9 million British pounds and in international business by 10.5 percent to 6.8 million British pounds.

In view of the persistently difficult conditions, company management now assumes that the negative trend in sales will continue in the second half of the year. As a result, a loss before taxes of up to 1.5 million British pounds (1.7 million euros) is to be expected for the current financial year, the clothing supplier explained. Last year, Quiz made a pre-tax profit of 2.3 million British pounds.

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