|Master Investor Magazine
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The share price of AIM-listed clothing retailer QUIZ (LON:QUIZ) has fallen by 6.94% to 15.56p (as of 15:10 GMT) after group revenues for the six months ended 30th September dropped by 5% as the UK high street struggled. Underlying pre-tax profits were down by 85%.
CEO Tarak Ramzan said: “The Group’s performance has resulted in an underlying profit before tax of £0.6m. Whilst it is disappointing to report a decline of profits year-on-year, management are focused on implementing the actions identified further to the Group’s business review conducted earlier in 2019. We are pleased to report progress improving gross margins and reducing costs across the business, and will look for further improvements to develop our omni-channel offering.
“QUIZ has continued to achieve sales growth in its international business and, in particular, online despite the challenging trading conditions. This has been supported by effective marketing investment including a successful collaboration with TV star Samantha Faiers.
“The Group has continued to generate cash and had £7.2m of cash at the period end. The Board remains firmly focused on further improving the Group’s financial performance and growing revenues with a strong focus on QUIZ’s online and international channels.
“The exceptional charge incurred in relation to store impairments and onerous leases is partially attributable to the structural shifts whereby consumers are increasingly shopping online. We have a clear customer focus, a healthy brand and a flexible model that the Board believes will enable QUIZ to adapt to the changing retail environment and return to profitable growth in the medium term“.
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