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Fashion retailer Quiz has blamed “inflationary pressures” for negatively impacting its sales performance during Christmas trading as its group sales decreased 11% to £8.8m.
In a trading update for the four weeks ending 31 December 2023, the group said the reduction reflects the negative impact of inflationary pressures on consumer demand which resulted in declines in traffic both in-store and online offsetting consistent year-on-year trends in key metrics such as conversion rates and average transaction values.
However, it added its gross margin performance was consistent year-on-year.
As such, the Quiz board said it remains confident in achieving current market expectations for the full year.
As of 22 January 2024, the group had total liquidity headroom of £5.4m,with a cash balance of £2m and £3.4m of undrawn bank facilities.
The board also added it is progressing in its review of the strategic options available to the group and intends to report the findings from this review by the end of March 2024.
