Quiz shares plunge on half year loss

Quiz shares plunge on half year loss

quiz

Quiz (LON:QUIZ) shares plunged on Wednesday after it posted a half year loss and a decline in group revenue.

Shares in the fast fashion brand were down over 11% during trading on Wednesday.

The retailer said that, for the six months ended 30 September, loss before tax amounted to £6.8 million, down from a profit of £3.8 million recorded for the same period a year prior.

Meanwhile, group revenue declined 5% to £63.3 million, down from last year’s £66.7 million figure.

The company highlighted that the pressures surrounding the UK retail sector have hit its results.

Much of the UK retail sector has remained under pressure during the period impacted by macro-economic uncertainty well as the accelerating structural shift to online retailing,” Quiz said in its results. 

Indeed, Quiz is not alone to feel the woes of the tough retail climate – the difficult trading conditions have been well publicised as of late.

“Whilst it is disappointing to report a decline of profits year-on-year, management are focused on implementing the actions identified further to the Group’s business review conducted earlier in 2019,” Tarak Ramzan, Founder and Chief Executive Officer, commented on the results.

We are pleased to report progress improving gross margins and reducing costs across the business, and will look for further improvements to develop our omni-channel offering,” the Founder and Chief Executive Officer continued. 

“QUIZ has continued to achieve sales growth in its international business and, in particular, online despite the challenging trading conditions. This has been supported by effective marketing investment including a successful collaboration with TV star Samantha Faiers.”

The British Retail Consortium announced earlier this week that retail sales dropped in November. However, the figures do not include the Black Friday shopping period, and last year’s do.

Trading has been strong over the Black Friday promotional week, as retailer have beaten forecasts of a gloomy shopping period.

Shares in Quiz plc (LON:QUIZ) were down on Wednesday, trading at -11.21% as of 09:24 GMT.