// Quiz’s overall Christmas declines 9.3%, thanks to tough high street conditions & sliding online sales
// Group online revenues slumped by 14.8%, after it cut ties with unprofitable 3rd party websites
// Quiz’s physical stores and concessions saw sales decline 7%
Quiz has reported plummeting sales over the crucial Christmas trading period as it struggled to cope with “challenging” high street conditions.
The fashion retailer said group sales dived 9.3 per cent over the seven-week period to January 4, driven by a drop in online sales.
It said the performance was “disappointing” but profits were in line with expectations.
READ MORE:
- Quiz posts £6.8m loss in “disappointing” period
- Declining footfall & in-store sales drag Quiz’s half-year revenues
The fast fashion business added that it has made “good progress” with cost reductions and margin improvements.
Quiz said group online revenues slumped by 14.8 per cent over the period, driven by the retailer’s decision to cut ties with “unprofitable” third-party partnerships.
Weaker sales through some of its remaining partner websites also contributed to “significantly lower” online third-party revenues, it said.
On the other hand, Quiz’s own, direct-to-consumer websites saw revenues increase by 5.9 per cent over the Christmas period, driven by a rise in full-price sales as the retailer reduced its number of promotions against the previous year.
Sales from Quiz’s high street stores and concessions also slid, falling seven per cent for the festive period.
Quiz said this was driven by the decline in footfall it has witnessed over the past year.
Nevertheless, the retailer said it was “pleased” with its sales across the important Black Friday weekend.
Chief executive Tarak Ramzan hailed Quiz’s cash position and said the business was confident it can improve financial performance and grow revenues.
“Whilst the trading backdrop has remained challenging, it is disappointing to report a decline in revenues in the period,” he said.
“We were pleased that revenues through our own websites grew in the period with less promotional activity than in the prior year, which underpins our confidence in the health of the Quiz brand.
“We have a clear customer focus and a flexible model that the board continues to believe will enable Quiz to adapt to the changing retail environment and return to profitable growth in the medium term.”
with PA Wires
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