Quiz, a renowned fashion retailer, announced a pre-tax loss of £5.2m amid revenue declines.
- Revenue for Quiz fell from £91.7m to £82m in the year ending March 31, 2024.
- Gross profit also saw a decrease, plummeting from £56.5m to £51m during the same period.
- Despite the revenue drop, Quiz managed a slight increase in its gross margin to 62.2%.
- CEO Sheraz Ramzan attributed the disappointing results to challenging macro-economic conditions impacting retailers.
The financial performance of Quiz, a prominent player in the fashion retail sector, has been less than stellar, as evidenced by a pre-tax loss of £5.2m for the fiscal year ending March 31, 2024. This significant loss is juxtaposed with a revenue decline from £91.7m in the previous year to £82m, highlighting the challenges the retailer faces in the current economic landscape.
A further breakdown of the financials reveals that Quiz’s gross profit fell from £56.5m to £51m, which underscores the pressure on profitability even as the retailer tries to navigate through turbulent market conditions. The company reported that the year-on-year decrease in group revenue reached an 11% decline.
Despite these challenges, Quiz recorded a slight improvement in its gross margin, which rose to 62.2% from 61.6% in the prior year. This marginal improvement was attributed to higher levels of full-price sales, which provided some cushion against the broader financial downturn.
Sheraz Ramzan, the CEO of Quiz, acknowledged the ‘disappointing’ results but remained optimistic about the company’s future. Ramzan pointed out the difficult macro-economic environment that has affected many retailers but expressed a clear strategy to enhance Quiz’s performance. His comments reflected a forward-thinking approach, focusing on leveraging the company’s strengths as an omnichannel retailer with a distinctive brand identity.
Quiz’s reporting also highlighted operational adjustments aimed at reinforcing business resilience. These initiatives are intended to foster a turnaround strategy, despite the ongoing challenging trading conditions. Ramzan expressed confidence in the pace of changes being implemented, noting the positive developments achieved by the team in driving strategic transformation.
Quiz’s strategic initiatives and operational adjustments signal its commitment to overcoming economic challenges and paving the way for a return to growth.
