- Prachi Singh |
Omni-channel fashion brand Quiz, for the seven-week period to January 4, 2020 reported 9.3 percent decrease in the group sales. The company said in a statement that while sales across the important Black Friday week remained positive, since that date, however, sales softened relative to expectations.The company continued to deliver growth through its own Quiz websites with revenues increasing by 5.9 percent in the period supported by improved full-price sell-through with less promotional activity than the prior year.
Commenting on the trading update, Tarak Ramzan, the company’s Chief Executive Officer, said: “Whilst the trading backdrop has remained challenging, it is disappointing to report a decline in revenues in the period. We have continued to make good progress in improving gross margins and reducing costs in line with the strategic priorities set out by the board last year. With our cash position, we remain confident that we can improve our financial performance and grow revenues.”
Over the past 12 months, Quiz has terminated unprofitable revenue streams through a number of third-party website partners. The company added that as a result of these actions as well as weaker sales through some of the group’s remaining partners, revenues generated from third party online partners declined significantly against the prior year. This impacted the Group’s overall online sales, which decreased by 14.8 percent. With a reduction in footfall compared to the prior year, revenue from the group’s UK standalone stores and concessions decreased by 7 percent.
Picture credit:Quiz via Hudson Sandler