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(Sharecast News) - Shares in clothing retailer Quiz were sliding on Thursday morning, after it reported continued subdued trading alongside significant changes to its board, as part of a strategic review.
The AIM-traded firm said chief executive officer and founder Tarak Ramzan would step down from his CEO role immediately, but would remain a non-executive director, leveraging his expertise and support during the transition period.
Sheraz Ramzan, the current chief commercial officer, would take over as the new CEO to lead a turnaround strategy aimed at recalibrating the Quiz brand and driving profitable growth.
Non-executive chairman Peter Cowgill would meanwhile play a more active role in supporting the company through the ongoing strategic review and assisting Sheraz in his new role.
Additionally, the board said it was actively seeking at least one additional independent non-executive director following a previous departure.
Amid subdued UK sales impacted by reduced foot traffic both in-store and online, the company reported a 9% reduction in sales for the period from 1 January to 29 February, compared to the prior year.
However, international sales were showing promise, particularly in Saudi Arabia and the United States.
Despite the sales challenges, the company's gross margin performance remained steady year-on-year.
The board anticipated revenue and losses before tax for the year to be in line with expectations, with potential non-recurring charges from an impairment review of store-related assets.
To counter declining revenues, the firm said it was implementing cost-saving measures, eliminating loss-making activities, reviewing operational efficiencies, and optimising its product offerings.
Liquidity remained a focus, with total liquidity headroom of £2.9m as of 27 March.
The company said it was exploring various strategic options, including organic growth opportunities, cost control measures, and potential new strategies, and will provide further updates as appropriate.
"The UK apparel market has undergone significant well reported changes since Quiz's IPO in 2017 and it continues to evolve at pace," said non-executive chairman Peter Cowgill.
"The board changes announced today provide an opportunity for a fresh vision and new leadership approach to create value for all shareholders.
"I look forward to working closely with Sheraz, following his well-deserved promotion to CEO, to determine the optimum path forward for the business."
At 0902 GMT, shares in Quiz were down 15.23% at 5.07p.
Reporting by Josh White for Sharecast.com.
