Quiz festive sales fall reflecting inflationary pressures

Quiz has reported a drop of 11% in Christmas sales year-on-year to £8.7 million between 1-31 December 2023, in what it describes as "negative inflationary pressures on consumer demand".

This resulted in declines in traffic both in-store and online, "offsetting consistent year-on-year trends in key metrics such as conversion rates and average transaction values".

However, gross margin was consistent year-on-year.

Despite the negative results, Quiz remains "confident" in achieving current market expectations for the full year of trading.

As of 22 January 2024, the group had total liquidity headroom of £5.4 million, with a cash balance of £2 million and £3.4 million of undrawn bank facilities.

As announced in its interim results, the board is "progressing its review of the strategic options available to the group", and intends to report the findings by the end of March 2024.