QUIZ trading update lifts shares

Shares in AIM-listed clothes retailer QUIZ (LON:QUIZ) climbed by 8.99% to 8.12p (as of 15:15 BST) after it restructured its retail portfolio and successfully renegotiated lease agreements for a large proportion of its UK stores. Sales for the period between 1st April and 31st August were down by 77% as lower demand levels also meant higher levels of discounting on sales. Gross margins for the period were about 6% below the comparative period.

There was an improvement towards the latter end of the period with sales online and on the UK high street beginning to edge back towards normal levels but still below the prior year. However, the company’s primary US customer has entered bankruptcy and the group is pursuing new opportunities in the market.