Retail squeeze

Quiz renews bank deal amid further pressure on sales

Quiz is continuing to manage costs

Quiz, the Glasgow-based fashion retailer, has renewed its £4 million bank facilities for a further year as cost of living pressures have resulted in lower sales.

Revenues from 1 April to 31 May compared to the same period last year fell by £1.7 million to £13.8m.

However, the company said it is encouraged by a 12% increase in demand for its product in international territories while sales in Quiz stores are broadly comparable year-on-year on a like-for-like basis. 

Even so, UK online traffic has been more severely impacted by the challenging environment and pressures on customers. 

The company said it is continuing to manage its cost base and working capital carefully and identify opportunities to improve its revenue and profits. The company has implemented a number of trading initiatives.

Founder Tarak Ramzan stepped down as chief executive in March as part of an ongoing review led by non-executive chairman Peter Cowgill.

Mr Ramzan is the largest shareholder in the Glasgow-based fashion retailer and has assumed a non-executive director role. He was replaced by his son Sheraz, chief commercial officer. He has been an executive director since IPO in 2017.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.