Quiz CEO steps down as sales dip

Quiz has revealed that founder and CEO Tarak Ramzan is stepping down from his role with immediate effect as UK sales continue to be impacted by “subdued levels of traffic” in-store and online. Ramzan, as the largest shareholder of the company, will assume a non-executive director role. Having founded the business, he will remain available to the business as required, to ensure a smooth handover of responsibilities. In addition, Sheraz Ramzan, current chief commercial officer since 2004, has been appointed as new chief executive officer. He will implement a turnaround strategy to recalibrate the brand, its product offering, and reconnect with consumers with the aim of moving the business back into profitable growth. Ramzan, former chief executive officer, said: “I am grateful to all my colleagues and our customers for their support over the past 31 years in my role as CEO of Quiz. Now is the right time for me to move on from the role and I am confident that Sheraz - with Peter and the board's valuable support - will take the business forward in what remains a dynamic and challenging retail environment. I remain a highly supportive shareholder and look forward to the future with optimism.” Peter Cowgill, non-executive chairman of the company, has also agreed to take on a more active role in supporting the company through to the conclusion of the ongoing review of strategic options and supporting Ramzan’s transition into his new role. Cowgill has more than 30 years of retail expertise, including his success in driving the performance of JD Sports as executive chairman. He will work closely with Ramzan in initiating the turnaround strategy and actioning any strategic outcomes from the ongoing review. The board changes come as sales for the retailer decreased 9% to £8.6m during the period from 1 January to 29 February 2024. Sales for the period from 1 April 2023 to 29 February 2024 also decreased 12% to £74.4m compared to the prior year. Quiz is currently taking a number of “positive steps” to counter the impact of the declining revenues including targeting cost savings for the forthcoming year, eliminating loss making activities, reviewing operational efficiencies and optimising its product offer. The retailer now anticipates that revenue and the loss before taxation for the year will be in line with expectations, subject to the potential impact of any non-recurring charges arising from an impairment review of store related assets. Cowgill said: “The UK apparel market has undergone significant well reported changes since Quiz's IPO in 2017 and it continues to evolve at pace. The board changes announced today provide an opportunity for a fresh vision and new leadership approach to create value for all shareholders. I look forward to working closely with Sheraz, following his well-deserved promotion to CEO, to determine the optimum path forward for the business. “On behalf of the board and everyone at Quiz, I want to express our sincere gratitude to Tarak for his strong leadership and unwavering commitment since founding the business. Tarak is an exceptional entrepreneur and I have greatly enjoyed working with him in my capacity as chairman since 2017. I look forward to his continued support and input as a non-executive director and major shareholder.”