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Profits tumble at Quiz

Profit before tax at Quiz slumped in the year to 31 March as the fast fashion retailer battled a “volatile” trading environment.

Profits fell by 97% to £200,000, down from £8.5m the previous year. Group revenue grew by 12% to £130.8m, which the retailer said had been driven by sales growth across all channels.

Online revenue increased by 34% to £41m, and bricks-and-mortar revenue from UK stores and concessions grew by 4% to £66.9m. International sales were up by 8% to £22.9m.

Quiz issued two profit warnings this year, following a “significant shortfall in sales” during the first two months of 2019.

Founder and chief executive Tarak Ramzan said: “Despite the challenges faced by the group during the period, Quiz’s focus has remained as strong as ever on delivering great products at outstanding value, thereby strengthening our brand’s positive reputation amongst a growing customer base. As a result, we have continued to achieve sales growth across our omnichannel model both in the UK and internationally.

“As announced in March, the board and senior management team have carefully reflected on our business, strategy and prospects to ensure that we are able to navigate what remains a volatile trading environment and restore profitable growth. We have concluded this review process with sharpened focused and a clearer vision of what is required to ensure that Quiz succeeds in a dynamic retail sector and achieves its strategic objectives.”

Quiz opened three new standalone stores during the period and 25 new concessions. It shuttered two stores and one concession.

The retailer said it had continued to invest in its online proposition by launching a VIP delivery pass and investing in payment options, including partnering with payment provider Klarna. It also launched a menswear range, as well as petite and swimwear collections.

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