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Quiz PLC on Thursday said that ongoing cost of living pressures continued to impact consumer demand in the UK as it turned to a loss. The Glasgow, Scotland-based omnichannel fashion womenswear brand swung to a pretax loss of £6.7 million in the financial year ended March 31, from a profit of £2.3 million a year ago. Revenue fell 11% to £82.0 million from £91.7 million. Cost of sales reduced by 12% to £31.0 million from £35.2 million. Administrative costs increased 9.6% to £45.7 million from £41.7 million. Quiz did not propose a final dividend, unchanged from a year ago. Looking ahead, the company said it continues to be impacted by inflationary pressures impacting consumer confidence. ‘Given the uncertain economic outlook, sustained and significant improvement in business performance will take time to be realised. These improvements are likely to take time to impact upon revenue and profits so costs control and careful working capital management remains key in securing future growth,’ Chair Peter Cowgill said. Quiz shares fell 8.9% to 4.62 pence each on Thursday afternoon in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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