// Quiz revenue drops over 60% in the financial year to March 31
// The fast fashion retailer said its 72 concessions in Debenhams stores are scheduled to close by the end of May
Quiz has seen its revenue drop 66 per cent to £39.7 million for the financial year to March 31.
Despite the decline in revenues in the year, the group retained a net cash balance of £1.5 million – a cash balance of £4.2 million less a £2.7 million drawdown of available bank facilities.
The fast fashion retailer has now reopened 36 stores and 87 concessions across England and Wales in line with government guidance.
Of the 87 concession, 72 concessions are in Debenhams stores in England and Wales, which are scheduled to close by the end of May.
Quiz said it does not anticipate that the permanent closure of Debenhams will have a significant impact on the brand.
Revenue from Quiz’s in-store Debenhams concessions in the 2021 financial year dropped by 79.4 per cent to £3.4 million.
Revenues from Quiz’s concession sales through the Debenhams website fell 28.6 per cent in the period to £5.5 million.
“With prolonged periods of store closures, the past 12 months has been a very challenging period for many in the UK retail sector, and Quiz has not been immune to this,” Quiz chief executive Tarak Ramzan said.
“However, against this difficult trading backdrop, the group has taken proactive actions to preserve cash and realign our store estate for the future retail landscape.
“In addition, we remain confident that there is robust underlying demand from our customers for the Quiz brand and our trademark dressy and occasionwear.
“We are looking forward to being able to serve customers again through our store estate, and to the gradual opening-up of the retail and leisure economies over the coming months, which we believe we are well placed to benefit from.”