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Quiz has renewed its £4m bank facility for a further 12 months to 30 June 2025, as sales within the UK have continued to be impacted by the ongoing cost-of-living pressures since the year ended on 31 March.
As of yesterday (26 June), the fashion retailer had net borrowings of £1.6m and total liquidity headroom of £2.4m
As a result of weakened consumer spending, revenues in the period from 1 April to 31 March 2024 amounted to £13.8m, which spelled a £1.7m reduction on the prior year.
According to the group, it is “encouraged” by a 12% increase in demand for Quiz products in international territories, as sales in Quiz stores are being broadly comparable year-on-year on a like-for-like basis.
However, UK online traffic has been more severely impacted by the challenging environment and pressures on customers.
As a result, the company will be continuing to manage its cost base and working capital, as well as implement a number of trading initiatives such as reviewing its brand identity, restructuring its buying and merchandising function, and expanding its distribution channels.
Quiz expects to publish results for the year ended 31 March 2024 in late July of this year.
