British omni-channel fashion retailer Quiz reported a 7.6% year-on-year decline in revenue for the six months ended 30 September 2024. Revenue fell to £39.1 million from £42.3 million in the same period of 2023.
Gross profit decreased to £24.5 million from £26.2 million, while EBITDA fell to a loss of £0.5 million, compared to £1.1 million in H1 2023. Excluding non-recurring costs, the pre-tax loss widened to £4.1 million from £1.5 million, with a total pre-tax loss of £4.7 million.
Operating cash flow declined to £1.7 million from £2.1 million, while net borrowings reached £3.0 million, a shift from net cash of £3.6 million in the previous year. Total operating costs rose to £28.7 million from £27.5 million, driven by higher distribution expenses, which increased to £5.9 million from £5.5 million. Administrative costs, including £6 million in non-recurring items, grew to £22.8 million from £21.9 million, contributing to an operating loss of £4.3 million, up from £1.3 million in H1 2023.
Segment-wise, online revenue fell 15.9% to £10.6 million, while UK stores and concessions revenue declined 7.7% to £20.3 million. However, international revenue rose by 6.5% to £8.2 million. The company reported a basic and diluted loss per share of 4.69 pence, significantly higher than the 0.96 pence loss recorded in H1 2023.
This financial update reflects the challenging market conditions and increased operational costs impacting Quiz plc’s performance in the first half of 2024.
To address ongoing challenges, Quiz has proposed delisting from the London Stock Exchange and transitioning to a privately held company. This strategy is aimed at enhancing financial flexibility and facilitating strategic restructuring.
While its international operations, particularly in the Middle East and the United States, have shown resilience, the domestic UK market continues to face significant pressures.
Quiz currently operates 62 stores and 47 concessions across the UK.
