Quiz plunges as sales fail to impress

AIM-listed clothing retailer QUIZ (LON:QUIZ) has seen its share price plummet to 14.98p (as of 15:00 GMT), a 53.32% drop. The company warned that sales during the 13 months ended 28th February had fallen significantly short of the board’s expectations, particularly in the group’s standalone stores and concessions, and that as a result revenues had fallen by 1.7%. Group EBITDA will now be slightly above half of its previously forecast levels.

CEO Tarak Ramzan commented: “Whilst the Board remains confident in the strength and appeal of the QUIZ brand, as demonstrated by our continued sales growth online, this has been a highly disappointing trading period for the Group. As a result, the Board will be reviewing all aspects of the business over the coming months to ensure that we can deliver the Group’s long-term potential despite the changing consumer backdrop and challenging trading conditions“.