|Master Investor Magazine
Never miss an issue of Master Investor Magazine – sign-up now for free!
Shares in AIM-listed QUIZ (LON:QUIZ) dropped by 10.63% to 16.78p (as of 11:10 GMT) as it reported a 9.3% decline in group revenue for the seven weeks ended 4th January. Full-price sell-through through the company’s website continued to grow, but total online sales fell due to the company cutting ties with unprofitable third party sellers.
CEO Tarak Ramzan commented: “Whilst the trading backdrop has remained challenging, it is disappointing to report a decline in revenues in the Period. We were pleased that revenues through our own websites grew in the Period with less promotional activity than in the prior year, which underpins our confidence in the health of the QUIZ brand.
“We have continued to make good progress in improving gross margins and reducing costs in line with the strategic priorities set out by the Board last year. With our cash position, we remain confident that we can improve our financial performance and grow revenues. We have a clear customer focus and a flexible model that the Board continues to believe will enable QUIZ to adapt to the changing retail environment and return to profitable growth in the medium-term“.