The struggling womenswear brand, Quiz, has reported a significant decline in sales for the year ending March 31, underscoring the ongoing challenges it faces. The company experienced a staggering 66% decrease in total sales, with UK store and concession sales down by 82% and international sales dropping by 65%. Surprisingly, even online sales saw a decline of 42%, contradicting the trend of increased online sales for most fashion retailers due to pandemic-related restrictions.

The reason behind Quiz’s sales decline can be attributed to the nature of its products, which primarily cater to occasions and going out – activities that were put on hold during numerous lockdowns. As a result, the company’s revenues plummeted to just £39.7 million. Out of this total, online sales accounted for £21.6 million, while international sales and UK store/concession sales reached £7.6 million and £10.5 million, respectively.

Despite the significant challenges, Quiz remains optimistic about its future. The company has assured that it has sufficient cash to continue its operations and has started reopening its stores. Since April 12, Quiz has reopened 36 stores and 87 concessions in England and Wales. However, there are still 20 locations closed in Scotland, 13 in Northern Ireland, and 15 in the Republic of Ireland. The company expects Scottish stores to reopen later this month.

A notable portion of Quiz’s concessions are situated within Debenhams stores in England and Wales, which are scheduled to close by the end of May. Revenues from these concessions in the current financial year only amounted to £3.4 million, compared to the £16.5 million generated in the previous year. Nonetheless, Quiz believes that the closure of these concessions will not significantly impact its profitability or cash flows. The company is actively exploring new opportunities to drive revenue growth through its own website, store network, and partnerships.

Tarak Ramzan, CEO of Quiz, recognizes the challenging retail environment but expresses confidence in the enduring demand for the brand. He emphasizes the proactive measures taken by the company to preserve cash and adapt its store estate for the future. Ramzan highlights the enduring appeal of Quiz’s dressy and occasionwear offerings and maintains an optimistic outlook for the brand’s future prospects.

In conclusion, Quiz’s latest trading update paints a challenging picture for the brand, with significant sales declines across all channels. Nonetheless, the company remains focused on adapting to the changing retail landscape and capitalizing on the demand for its distinctive womenswear products. With a strong cash position and a strategic approach, Quiz aims to navigate these difficult times and position itself for sustainable growth in the future.

Useful links:
Quiz Official Website
Retail Gazette