Quiz Falls 53%!!!

Thursday, 7th March 2019 11:45 - by Rajan Dhall

UK fashion retailer Quiz looks like it's on the brink at the moment after the issues at House of Fraser kicked off the 1st stage of worries.

In their latest update for the period between 1st January 2019 to 28th February 2019 the Group has recorded a significant shortfall in sales compared to the Board's prior expectations.

• Group revenue for QUIZ decreased by 1.7% in the Period against the comparable period last year.
• The Board previously anticipated that revenues for FY 2019 would be approximately £133.0m, which would have represented growth in sales in the final quarter of 9.2% compared to the previous year resulting in anticipated EBITDA of £8.2m.
• Group anticipates revenues for FY 2019 to now be approximately £129.0m.
• It is also expected that the increased level of discounting will have a material impact on gross margins generated in the final quarter of FY 2019
• The balance sheet remains strong with net cash of £8.9m as at 5 March 2019

The latest update from QUIZ shows the high st is not out of the woods yet and If you have been following my commentary for a while I hope you managed to short some retail stocks. Still waiting on the chancellor to make the subsidies a reality it's clear they all need it.