Quiz reports diving sales linked to lockdown

Quiz has reported a 73 percent dive in revenue for the first half of the year linked to lockdowns.

For the six months ended 30 September 2020, the British fast-fashion brand’s revenue dropped to 17.2 million pounds compared to 63.3 million pounds a year earlier.

The company said sales in the period were “impacted significantly” by the pandemic and the drop in demand for occasionwear, which Quiz specialises in.

The company made an underlying EBITDA loss of 3.4 million pounds compared to a profit of 6.3 million pounds last year.

Quiz CEO confident sales will pick up post-lockdown

The company decreased its gross margin from 51.7 percent from 61.7 percent.

Its underlying operating costs, net of government support payments, was reduced by 62 percent.

Quiz founder and CEO Tarak Ramzan said in a statement: “Whilst we continue to rebalance our product offering towards more casual clothing reflecting near term customer demand, given our focus on occasion wear, demand for our products has been impacted significantly by the pandemic.

“However, we remain confident in the strength of our brand and are highly confident that demand for the brand's trademark occasion wear will recover when restrictions on social events are eased.”

Photo credit: Quiz