Shares at fashion brand Quiz have dropped by over 10% today (4 September) after it warned about challenging conditions ahead of its AGM later today.
The fashion brand has issued two profit warnings this year following ‘significant shortfall in sales.
A statement from non-executive chairman Peter Cowgill said: “The challenging trading conditions reported at the time of the group’s announcement on 11 June 2019 have persisted over the summer months.
“Consistent with the widely reported conditions on the UK high street, the business has experienced a reduction in store footfall during the Period compared to the previous year when the group experienced particularly strong demand. The group’s performance has continued to benefit from sales growth through Quiz’s own websites.”
The update comes after Quiz posted a 97% in pre-tax profits in its full-year report that was published in June, profits dropped £200,000 from £8.5m the previous year, for the year to March 31.
The company’s next report for the six month period to 30 September, is expected to be released next month.