29th Sep 2021 11:10
Quiz PLC - Glasgow-based fashion retailer - Improves to annual pretax profit of GBP6.0 million from loss of GBP29.4 million year before. Recurring administrative costs drops to GBP30.5 million from GBP54.7 million, while it did not have any non-recurring administrative costs, sharply lower from the GBP26.3 million booked in the year before. Revenue in year to March 31 sinks to GBP39.7 million from GBP118.0 million.
Chief Executive Tarak Ramzan says: "Against a backdrop of highly challenging trading conditions during the year, including the enforced closures of stores and concessions for substantial periods and the cancellation of social events that are a key driver for demand of QUIZ's trademark occasion wear, we have taken decisive actions to position the business to return to long-term profitable growth, including reducing the size of our store estate, decreasing costs, and maintaining very tight cash management."
Ends period with 61 stores, down from 75 at March 31, 2020.
Points to "gradual" improvement in sales since period-end. Sees sales of GBP30.6 million in five months to August 31, which is nearly double from GBP17.4 million in the same period the year before. It expects to generate a positive cash flow from operating activities in the year to March 31, 2022.
Ramzan continues: "We have continued to invest in our own e-commerce channels as we optimise our omni-channel model. We remain confident in the strength and appeal of QUIZ as an occasion wear led brand, as has been evidenced by the increase in demand and positive trends across our operational KPIs as social events returned during the summer.
"This continues to underpin the board's confidence in our ability to continue to improve performance and achieve profitable growth as more normal trading patterns return."
Current stock price: 18.79 pence, down 23% on Wednesday
Year-to-date change: more than doubled from 7.11p
By Paul McGowan; [email protected]
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