Quiz reported its preliminary full-year results for the year to March-end, sending shares lower during Tuesday trading.
The fashion firm said that revenue for the year was £130.8 million, up from £116.4 million the year before.
Quiz said that it achieved growth across all its channels, including online, international and concessions.
However, a decline is gross margin meant that pre-tax profits crashed 97% to £0.2 million, compared to £8.5 million a year ago.
Quiz also said that et cash flow before dividend payments of £1.5 million and repayment of borrowings of GBP0.3 million are “essentially neutral”.
Nevertheless, in light of a decline in profits, the board opted to suspend dividend payments.
Tarak Ramzan, Founder and Chief Executive, commented on the results:
“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.”
Back in March, Quiz shares plunged after the retailer issued a profit warning for the year ahead. This was blamed upon an ‘uncertain consumer spending backdrop’.
Shares in the company (LON:QUIZ) are currently down -25.98% as of 10:33AM (GMT).
