Customer spending pressure causes sales drop in fashion firm.

Quiz, the fashion chain, reported a decline in sales over the last two months as shoppers struggled with the increasing cost of living. The company disclosed that revenues had risen over the past year, but like-for-like sales for February and March were lower due to “challenging trading conditions”. Quiz also anticipated “significant pressures on consumer spending” would persist throughout the new fiscal year, with the resultant impact on demand likely to persist in the coming months. Despite this, Quiz remained optimistic about the strength of the brand, holding firm on the anticipated profits.

UK Sales Drive Annual Growth at Quiz

The group’s annual growth was propelled by UK sales, which saw a 23% hike in revenues to £45.5m across stores and concessions as customers began to return to high street shops. Quiz CEO, Tarak Ramzan, said: “The group delivered a good performance in full-year 2023, achieving revenue growth across each of its channels, reflecting the strength of Quiz’s trademark dressy and occasion wear product offering. This outcome, which was achieved despite the challenging market backdrop in recent months, is a strong testament to our flexible model and differentiated brand.” Ramzan added that while external trading conditions are likely to remain difficult in the short term, Quiz is positive about its long-term prospects.

Shares in Quiz Fall

Shares in the company saw a sharp fall of 20.4% to 12.3p in early trading on Monday.