The omnichannel fashion brand has announced that their group revenue has decreased 10 per cent to £118M.
A statement revealed that group gross margin was 60.3 per cent with EBITDA reaching £0.6M compared to last year’s £4.6M. The company has sited Covid-19 as a huge contributing factor with regards this year’s results and the group’s total sales in the six months totalled £17.2M, a huge 73 per cent decline since last year. The company also saw a decrease in their online revenue, with a drop of 9 per cent to £37.5M.
Commenting on the news, Chief Executive Officer and Founder Tarak Ramzan, commented: “This was a challenging year for Quiz characterised by macro-economic uncertainty and challenges presented by the accelerated structural shift towards online retail. In addition, from early March the group, along with the wider retail sector, faced significant challenges as a result of the Covid-19 pandemic.”
