AIM-listed fashion brand QUIZ (LON:QUIZ) saw its share price decline by 1.18% to 7.12p (as of 13:20 GMT) after posting preliminary results for the year ended 31st March. Revenues were down by 10% reflecting difficulties through the year as well as the early stages of COVID.
CEO Tarak Ramzan commented: “Whilst we are pleased with the further growth in our customer base during FY20, this was a challenging year for QUIZ characterised by macro-economic uncertainty and challenges presented by the accelerating structural shift towards online retail. In addition, from early March the Group, along with the wider retail sector, faced significant challenges as a result of the COVID-19 pandemic. The Board has taken decisive action to protect its customers and its people, preserve liquidity, and restructure its store estate to align the Group’s business model to the new reality of store retail.
“We continue to rebalance our product offering towards more casual clothing to meet the changing lifestyles of our customers. Looking ahead, we remain confident in the strength of our brand and believe that underlying customer demand remains strong for the brand’s trademark occasion wear which we aim to capitalise on when restrictions on social events are eased. We are confident that the actions we have taken to preserve liquidity and reduce our cost base while continuing to invest in the brand mean that the Group can return to profitable growth as market conditions improve“.