{"id":164587,"date":"2021-04-13T10:21:42","date_gmt":"2021-04-13T10:21:42","guid":{"rendered":"https:\/\/www.theindustry.fashion\/revenue-drops-66-at-quiz\/"},"modified":"2021-08-06T12:10:56","modified_gmt":"2021-08-06T12:10:56","slug":"revenue-drops-66-at-quiz","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/revenue-drops-66-at-quiz\/","title":{"rendered":"Revenue drops 66% at Quiz"},"content":{"rendered":"
Fast fashion womenswear brand Quiz<\/a> has reported a 66% drop in revenue for financial year to 31 March 2021, plunging to \u00a339.7 million.<\/strong><\/p>\n The retailer reports that revenues for the year were impacted by prolonged periods of stores and concessions closures, as well as detrimental impact on demand for QUIZ's trademark occasionwear as social events and activities were curtailed.<\/p>\n Revenues from UK stores and concessions declined 82%, reaching \u00a310.5 million<\/strong> (\u00a358.7 million in FY 2020). Online sales reached \u00a321.6 million, a 42% drop<\/strong> compared to the year previous.<\/p>\n Despite the drop in revenues in the year, the group retained a net cash balance of \u00a31.5m, comprising of a cash balance of \u00a34.2m offset by a \u00a32.7m drawdown of available bank facilities.<\/p>\n Last year Quiz announced plans to put its 82 UK and Ireland shops into administration before buying them back in a bid to lower rents<\/strong>. The move was reported at the time to cost just under 100 jobs.<\/p>\n