Fashion firm Quiz to launch review as sales slide

Fashion company Quiz has launched a review of its business as it cut its sales forecasts for the year.

The firm posted a half-year loss of £1.5m and a fall in revenues as cost-of-living pressures hit spending.

Quiz added that Black Friday sales were lower than expected, and the firm has said annual revenues are set to be up to 8% below forecasts.

The firm's chairman, Peter Cowgill, will lead a "thorough review of the strategic options" for the business.

Quiz founder and chief executive Tarak Ramzan said the company would continue to "focus on taking the rights decisions for our long-term future... including prioritising protecting full-price sales and carefully managing our store portfolio".

Over the six months to 30 September, Quiz opened three stores, relocated two and closed two, taking its total portfolio to 64 stores in the UK and five in Ireland.

Overall revenues during the period dropped to £42.3m from £49.4m a year earlier.

Sales on Black Friday - one of the busiest dates in the retail calendar - were lower than expected, coming in at £14.1m in the two months to 30 November, down from £16m a year earlier.

Quiz, which is based in Glasgow, has gained success from its collaborations with reality TV stars. In October, it launched a Christmas collection with former Love Island contestant and reality TV star Olivia Bowen.

Announcing the latest results, Mr Ramzan said Quiz remained "a strong, distinctive brand".

"However, given the prolonged period of challenging trading we believe it is prudent to examine a range of options to maximise shareholder value."

The findings of the strategic review are expected to be announced in the first quarter of 2024.