Hargreaves Lansdown

Quiz FY revenues tumble amid prolonged store and concession closures

Tue 13 April 2021 08:53 | A A A

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(Sharecast News) - Online fashion brand Quiz said on Tuesday that revenues had tumbled in 2021 as a result of prolonged periods of store and concession closures during the year due to the Covid-19 pandemic.

Quiz said full-year revenues were £39.7m, reflecting a 66% decline on the £118.0m generated in the prior year, with online revenues dropping 42% to £21.6m, international revenues crashing 65% to £7.6m and UK store and concession revenues tumbling 82% to £10.5m.

Despite the drop in revenues, Quiz said it had retained a net cash balance of £1.5m on 31 March, comprising a cash balance of £4.2m offset by a £2.7m drawdown of available bank facilities.

Looking forward, Quiz said it would continue to focus on identifying and delivering new opportunities to grow revenues through its own website and store network, as well as by working with new partners appropriate for the brand.

"The group looks forward to the further reopening of stores and concessions and the continued relaxation of restrictions on social activities, which the Board believes will result in increased demand Quiz's ranges which have traditionally provided popular options for social events and celebrations," said the AIM-listed firm.

As of 1135 BST, Quiz shares were up 3.19% at 12.38p.

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