The recent financial report reveals a challenging year for the womenswear retailer Quiz, showing a decline in revenue and profit.
- Quiz experienced a decrease in revenue from £91.7m to £82m for the fiscal year ending 31 March 2024.
- The company reported a pre-tax loss of £5.2m, excluding a £1.5m non-recurring impairment charge.
- Gross profit also fell, though gross margin improved slightly to 62.2% from the previous year’s 61.6%.
- Quiz CEO acknowledges macro-economic challenges but outlines a strategic plan to enhance business performance.
The fiscal year ending on 31 March 2024 was challenging for Quiz, a womenswear retailer headquartered in Glasgow with over 1,500 employees. During this period, the company saw its revenue decline from £91.7m to £82m, reflecting the difficulties faced by many in the retail sector due to macro-economic conditions.
Quiz’s financial results included a reported pre-tax loss of £5.2m, which doesn’t account for a £1.5m one-off impairment charge. This is indicative of the broader financial pressures the company faced throughout the year. Additionally, EBITDA was recorded at £0.9m, a significant plunge from £6.2m in the previous year, primarily due to the reduction in revenues.
Despite these discouraging results, Quiz managed to increase its gross margin slightly from 61.6% to 62.2%. The rise in full-price sales contributed to this marginal improvement, highlighting a potential area of resilience within the company’s operations.
Quiz operates 64 stores in the UK and an additional 4 in Ireland as of 31 March. CEO Sheraz Ramzan attributed the financial setbacks partly to the ongoing challenging macro-economic environment but remains optimistic about the future. He mentioned that Quiz is implementing various operational initiatives aimed at stabilising and growing the business. These actions are part of a broader turnaround strategy meant to guide the company back to profitability in the medium term.
Ramzan expressed his confidence in the company’s ability to adapt and make positive changes swiftly, despite the continued tough trading conditions. He emphasised the strategic focus areas that have been identified to build a more resilient business framework, crucial for the planned recovery.
Quiz remains committed to its turnaround strategy, focusing on resilience and growth amid ongoing challenges.
