Quiz has plunged to a near £7m loss as cost-of-living pressures continue to weigh on consumer demand.

The fashion retailer plunged into the red with a pre-tax loss of £6.7m in the year to 31 March, down from the £2.3m profit it recorded in 2023.

Sales fell 10.6% to £82m, dragged down by an 18% drop in online trade to £24.5m and 8% decline in stores and concessions sales to £41.7m. International revenue sunk 4% to £15.8m.

Despite the weaker performance, Quiz said it had made progress on its transformation strategy and noted a number of initiatives to improve business performance it has implemented have contributed to “an improvement in store and online revenues relative to previous months”.

Its strategy, spearheaded by newly appointed CEO Sheraz Ramzan, is focused on leveraging its core strengths such as its omnichannel model, the distinctiveness of Quiz, its store portfolio, and its international model.

The retailer noted current trading continues to be impacted by inflationary pressures, with sales down 11% to £27.3m in the four months to July.

Quiz chief executive Sheraz Ramzan described the results as “disappointing” but said he was confident the retailer “will return to profitable growth”.

He said: “We have a clear plan to improve performance by leveraging our key strengths as an omnichannel retailer with a distinctive brand.

“We have identified several focus areas to build a more resilient business, improve our performance, and return to profitable growth in the medium term.

“In the new financial year to date we have already implemented several operational initiatives which I am confident will support our longer-term turnaround strategy.

“Whilst trading conditions in the current year have remained challenging and our turnaround will take time, I am pleased with the speed at which as a team we have been able to drive positive changes in the business.”

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