QUIZ, the fashion brand, announced disappointing sales for the 5 months to August 2022, with revenues down 15.3% compared to the same period last year.
The company warned that if current trends continue, revenues for the full financial year could be 6-7% below expectations, resulting in a loss before tax of up to £1.5 million.
QUIZ shares crashed 35% in early trade on Tuesday.
QUIZ blamed the sales decline on cost-of-living pressures impacting consumer confidence and demand. Total revenues were £37.0 million, versus £43.7 million last year. Online sales were hit the hardest, down 23.8%.
The company said it is tightly controlling costs and reviewing strategies to drive growth. But it remains cautious on the outlook given persistent inflationary pressures on consumers.
QUIZ operates stores, concessions and websites in the UK and Ireland.
The full year results in July showed a 15% drop in Q1 revenues. The company has opened some new stores but also closed one UK store since April. It is trying to preserve cash, with total liquidity headroom now £6.4 million.