Quiz has seen its full year group revenue decline by 66% to £39.7 million after it bore the impact of enforced store closures and fewer customers buying occasion wear during the Covid-19 pandemic.
In the year to 31 March, the retailer reported an underlying pre-tax loss of £9.6 million compared to a loss of £3.1 million in the previous year.
Responding to the challenges of the coronavirus pandemic, Quiz restructured its store portfolio in June 2020, following which 66 of the retailer’s previous 82 stores have now reopened. The retailer said the new lease arrangements have an average lease term of 24 months with charges mainly linked to revenues generated.
In addition, Quiz has reduced its dependence on third party concessions and websites as it looks to generate more revenues from its own stores and online platform.
