Source - Alliance News

Quiz PLC on Tuesday reported that it swung to a half-year loss on lower demand and warned it will miss its full-year revenue expectations.

Shares in Quiz fell 15% to 5.90 pence each in London on Tuesday morning.

The Glasgow, Scotland-based retailer said it swung to a pretax loss of £1.5 million in the six months to September 30 from a profit of £1.8 million the year before.

Revenue fell 14% to £42.3 million from £49.4 million the year prior. This was driven by an 11% decline in sales from its UK stores and concessions, as well as a 22% drop in online revenues as consumer demand worsened.

Quiz recommended no interim dividend, unchanged from the year before.

Additionally, the retailer in the two months to November 30, which includes Black Friday, sales totalled £14.1 million, down 13% from £16.0 million the year before and behind expectations.

Looking ahead, Quiz said it is ‘difficult’ to predict the near-term outlook due to cost of living and inflationary pressures, but noted that its full year revenues will be approximately 6% to 8% lower than current market expectations of £86.4 million in revenue. For financial 2023, Quiz generated revenue of £91.7 million.

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