|Master Investor Magazine
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The price of shares in AIM-listed clothing business QUIZ (LON:QUIZ) has dropped by 22.52% to 21.50p (as of 12:00 BST) as it reported a 97% decline in profits before tax for the year ended 31st March. Revenues rose by 12%, driven by a substantial improvement in online orders. Managment stated that their first priority at this time was to restore the profitability of the UK high street operation in the face of difficult market conditions.
Founder and CEO Tarak Ramzan said: “Despite the challenges faced by the Group during the Period, QUIZ’s focus has remained as strong as ever on delivering great products at outstanding value, thereby strengthening our brand’s positive reputation amongst a growing customer base. As a result, we have continued to achieve sales growth across our omnichannel model both in the UK and internationally.
“As announced in March, the Board and senior management team have carefully reflected on our business, strategy and prospects to ensure that we are able to navigate what remains a volatile trading environment and restore profitable growth. We have concluded this review process with sharpened focused and a clearer vision of what is required to ensure that QUIZ succeeds in a dynamic retail sector and achieves its strategic objectives.
“The QUIZ brand continues to gain momentum with a growing customer base. Whilst trading conditions have remained challenging in the year to date, the Board remains confident that underpinned by our flexible business model and an increasing online focus, the Group can return to sustainable profitable growth“.