Quiz confirms renewal of £4m loan after revenues dip
Fashion retailer QUIZ has today unveiled that its revenues dipped by £1.7 million to £13.8 million between 1 April to 31 May 2024. In light of this, the retailer has confirmed its £4 million loan has been renewed for a further twelve months to 30 June 2025.
Since the year ended 31 March 2024, the retailer said its UK sales have “continued to be impacted by ongoing cost-of-living pressures” on its customers. The gross margin performance in the period (1 April to 31 May 2024) was consistent year-on-year.
However, despite dipping demand in the UK, there was a 12% increase in demand for QUIZ in international territories. Sales in QUIZ stores were comparable year-on-year on a like-for-like basis.
As of 26 June 2024, the Group had net borrowings of £1.6 million and a total liquidity headroom of £2.4 million.
Since announcing an update on its strategic review in March, the company has implemented trading initiatives including:
- Clarifying its target customer and updating its brand identity
- Restructuring its Buying and Merchandising function
- Revamp its pricing strategies, which includes the recruitment of a new Head of Merchandising
- Creating a more aspirational image through refreshed marketing and social media activity
- Expanding its distribution channels, such as its re-launch on Debenhams.com
In addition to these new initiatives, Quiz Clothing appointed Sheraz Ramzan as CEO in March to progress its transformation strategy. In his new role, he will implement a turnaround strategy to "recalibrate the brand, its product offering, and reconnect with consumers" as it looks to return to profitable growth.
Quiz expects to publish results for the year ended 31 March 2024 in late July.
