Thursday 17 October 2019

Confidence dip hits profits at retailer Quiz

Quiz reported a 97pc slump in pre-tax profits. Photo: PA
Quiz reported a 97pc slump in pre-tax profits. Photo: PA
Ellie Donnelly

Ellie Donnelly

Clothing retailer Quiz has seen full-year profits almost entirely evaporate, plunging amid what it called "challenging trading conditions".

The fast fashion business saw pre-tax profits dive 97pc to £200,000 (€224,000) for the year to March, down from £8.5m (€9.5m) a year earlier.

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The UK-based firm blamed the profits slump on a decline in main street footfall and weakened consumer confidence amid political uncertainty.

Quiz has a small number of stores in Ireland, including one at Dublin's Ilac Shopping Centre, and operates through a number of concessions in other department stores.

The group said its stores and concessions in Ireland and Spain performed "in line with expectations" during the period with revenues increasing by £900,000 (€1m).

Despite concerns over consumer spending, Quiz reported a 12pc jump in revenue to £130.8m for the year. It reported revenue growth "across all channels" and was buoyed by a jump in online sales, up 32pc to £41m.

In January and March this year, the retailer warned that profits would be lower than expected as growth came in under expectations. Quiz said it has now concluded a review process it started in March to analyse how it can "restore profitable growth" amid the volatile trading environment.

Following the review, it said there will be "sharper focus" on seizing opportunities for continued online growth.

Additional reporting PA

Irish Independent

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