Quiz has revealed that total revenues plummeted 66% to £39.7m in its FY21 trading update, as the fashion group was impacted by prolonged periods of store and concession closures.
The group also cited the pandemic’s “detrimental” impact on demand for its trademark occasionwear, as social events and activities came to a halt.
UK stores and concessions witnessed an 82% decline to £10.5m, down from £58.7m in FY20. International business fared only slightly better, with a 65% decline to £6.5m.
Online trading also faced a decline in the period, with online revenues down 42% to £21.6m, against the £37.5m reported in FY20.
In its latest trading update, the group noted that 72 of its 87 concessions were located in Debenhams stores, which are due to be closed by the end of May. Subsequent to 31 March 2021, Quiz has ceased to sell products through the Debenhams website, adding that given the previous decline in revenues, it “does not anticipate that the termination of sales through Debenhams will materially impact upon its profitability or cash flows”.
Looking ahead, the group said it will focus on identifying and delivering new opportunities to grow revenues through its own website and store network, as well as by working with new partners appropriate for the QUIZ brand.
As restrictions continue to ease, its board also believes the group will see increased demand for ranges which have traditionally been popular for social events and celebrations.
Tarak Ramzan, CEO of Quiz said: “With prolonged periods of store closures, the past 12 months has been a very challenging period for many in the UK retail sector, and Quiz has not been immune to this. However, against this difficult trading backdrop, the group has taken proactive actions to preserve cash and realign our store estate for the future retail landscape.
“In addition, we remain confident that there is robust underlying demand from our customers for the Quiz brand and our trademark dressy and occasionwear. We are looking forward to being able to serve customers again through our store estate and to the gradual opening up of the retail and leisure economies over the coming months, which we believe we are well placed to benefit from.”