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Fashion retailer Quiz has reported a 5% drop in group revenue to £63.3m for the first half of 2019, against the backdrop of a “difficult UK retail environment”.
For the six months to 30 September 2019, online revenues grew by 7% to £20m, compared with £18.7m last year, and sales from its Quiz website increased by 12% year-on-year. The retailer said the results reflects the “continued investment” in the group’s online proposition and product range, as well as “effective marketing”.
Quiz said trading conditions on the UK high street have “remained very challenging”. The group’s stores and concessions experienced a reduction in footfall during the period against the prior year, resulting in “weaker than initially anticipated sales”.
Sales in the group’s UK standalone stores and concessions also decreased by 11% to £31.3m during the period.
However, international sales increased by 3% to £12m, reflecting growth in revenue from the franchise operations and Spanish stores. The growth was partially offset by a decline in sales in Irish stores and concessions “consistent” with the pattern experienced in the UK.
CEO Tarak Ramzan said: “Overall, the group’s trading performance in the first half has been broadly in line with the board’s expectations despite the difficult UK trading environment. Sales growth through Quiz’s websites has continued, reflecting the investment in our product range and marketing initiatives.
“Whilst trading conditions are expected to remain challenging in the near term, the Board remains confident that underpinned by QUIZ’s flexible business model and an increasing online focus, the Group can return to sustainable profitable growth in the medium term.”
