Glasgow fashion chain Quiz warns of ‘material’ hit to sales caused by coronavirus outbreak

The fast fashion group, which closed its physical stores and concessions at the weekend, ahead of the government lockdown for non-essential retailers, cautioned that March revenues and margins will come in “materially” below expectations.

Quiz has endured a substantial reduction in foot traffic since the start of the coronavirus outbreak in the UK. | Other 3rd Party

Quiz said performance had been in-line with expectations prior to the outbreak, however since the beginning of March it has seen a substantial reduction to traffic in stores and online.

The company pledged to preserve cash by “eliminating non-essential spend, postponing capital projects, substantially reducing stock intakes and deferring payments wherever possible”.

Quiz had net cash of £8.3 million as at 24 March, together with a £2m overdraft and a further £2m work capital facility, both of which are due to expire next month. It is attempting to renew the facilities.

The chain operates about 70 standalone stores and some 170 concessions in the UK and has a growing international presence.