(Alliance News) - Quiz PLC shares plummeted on Tuesday, after it warned investors that it may make a loss in financial 2024.
Shares in Quiz, a Glasgow, Scotland-based retailer, dropped by 38% to 5.50 pence in London on Tuesday around midday.
The fashion company said revenue in the year beginning April 1 has continued to lag behind the prior year, sitting below management expectations, as inflationary cost pressures hit consumer confidence and demand for its products.
In the five months to August 31, revenue fell 15% year-on-year to GBP37.0 million from GBP43.7 million. Of this, UK stores & concessions revenue fell by 15%, Online revenue was down 24% and International revenue dropped 11%.
Quiz said that if the current trend continues, annual revenue is likely to be 6% to 7% behind current market expectations, which will have a knock-on effect on profit. It said it would expect a pretax loss of no more than GBP1.5 million, swinging from profit of GBP2.3 million in the prior year.
Quiz added: "Whilst the impact of cost of living pressures on consumers' disposable income persists, management continues to retain a tight control on costs and is proactively reviewing all aspects of the business to mitigate the impact of the current economic and trading environment on the group and identify potential strategies to drive additional revenue growth."
By Sophie Rose, Alliance News reporter
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Quiz (QUIZ)