Glasgow's Quiz posts Christmas sales slump

The fashion retailer suffered a revenue drop from online trading and brick-and-mortar outlets. Picture: Quiz

Despite enjoying strong trading over the Black Friday weekend, the retailer posted a 9.3 per cent drop in revenues in the seven weeks to 4 January.

Shares fell as much as 10 per cent in early trading.

The figures included a 14.8 per cent plummet in total online sales as a result of terminating agreements with third-party website partners over the past year. Revenues from UK bricks-and-mortar stores, both standalone and concessions, declined by 7 per cent.

Quiz pointed to a strong balance sheet with a net cash position of £10.7 million as of 4 January and cited growth in its own-brand websites, where sales were up by 5.9 per cent over the period.

Arlene Ewing, investment manager at Brewin Dolphin, said the update will do little to ease trader concerns, “particularly the decline in online sales, which had previously been a bright spot”.

Quiz chief executive Tarak Ramzan said: "Whilst the trading backdrop has remained challenging, it is disappointing to report a decline in revenues in the period.

"We were pleased that revenues through our own websites grew in the Period with less promotional activity than in the prior year, which underpins our confidence in the health of the Quiz brand.

“We have continued to make good progress in improving gross margins and reducing costs.

“With our cash position, we remain confident that we can improve our financial performance and grow revenues.”