// Quiz’s revenues & margins for March expected to be “materially” below forecasts.
// Quiz’s performance prior to Covid-19 pandemic had been in line with expectations.
Quiz has warned that March revenues and margins were set to be “materially” below the board’s expectations as it takes a hit from the ongoing coronavirus pandemic.
The fast fashion retailer said that prior to the outbreak, its year-to-date performance had been in line with expectations.
However, since the start of March, the nationwide lockdown forcing stores to close and parties to cancel led to a”substantial” decline in traffic in stores and online.
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All Quiz stores and concessions closed on Saturday March 22, ahead of Boris Johnson’s lockdown announcement.
Quiz stated it was unable to give any guidance for the year to the end of March 2021, “given the ongoing uncertainty” of the ongoing coronavirus outbreak.
“The group is continuing to take steps to preserve cash by eliminating non-essential spend, postponing capital projects, substantially reducing stock intakes and deferring payments wherever possible,” it said.