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FASHION chain Quiz said it looked forward to further store reopenings following the Covid lockdown as it reported a 66 per cent fall in sales to just under £40 million for the year to end March 2021. In a trading update, the Glasgow-based company said revenues were impacted by prolonged closures of stores and concessions, as well as a “material detrimental impact” on demand for its trademark occasion wear, because of social events and activities being curtailed. As a result, full year revenues were £39.7m, down from £118m the year before. “With prolonged periods of store closures, the past 12 months has been a very challenging period for many in the UK retail sector, and Quiz has not been immune to this,” said Quiz chief executive and founder Tarak Ramzan.
Despite the drop in revenues in the year, the group retained a net cash balance of £1.5m – a cash balance of £4.2m less a £2.7m drawdown of available bank
Quiz expects a boost from post-pandemic celebrations
The Quiz Westfield Stratford store (PA)
Dress-seller Quiz has said that it expects celebrations when pandemic restrictions are slowly eased will boost demand for its products.
The womenswear company said that its ranges have normally proved popular during social events and celebrations, which have been in short supply over the past year.
While other retailers have been able to rely on online sales to make up for some of what they lost when clothes stores closed, Quiz said that it had seen a 42% drop in online sales in the year ending March 31.
Yet, with in-shop sales collapsing, Quiz’s online business made up more than half of the company’s total revenue over the year, which reached just £39.7 million, down by two thirds.
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