RE: Capital markets day31 Jan 2025 19:46
Hopefully the below is a warning of how time is of the essence with any strategic review..... Dec 23 review started, Jan 25 company delisted, Jan 25 the company is days away from calling an administrator in. Quiz clothing.
"As a consequence of the challenging trading environment and impact on Group revenue, on 5 December 2023, the Company initiated a review of strategic options (the "Strategic Review") available to the Company to maximise shareholder value. The Strategic Review considered a range of factors, including but not limited to, a refreshed business plan, management team and leadership and funding requirements and availability. On 28 March 2024, the Company announced an update as part of the Strategic Review, Tarak Ramzan, CEO and founder of Quiz, stepped down as CEO to become a Non-Executive Director and Sheraz Ramzan, previously Chief Commercial Officer, was appointed as CEO to implement a turnaround strategy, with the aim of recalibrating the business back into profitable growth. In 2024, the Group implemented a number of strategic initiatives such as restructuring the Buying and Merchandising function and a refreshed marketing brand and social media activity.
Despite the steps taken, since announcing the Strategic Review, the Group has continued to experience a decline in customer traffic both online and in store compared to the same period in the prior year, with a notable decline in traffic and footfall in November, which is a key period for retailers. The Board expects that trading will continue to prove challenging for the sector throughout the 2025 calendar year with continuing macro-economic headwinds from the continuation of the cost of living crisis, the ongoing impact of high business rates, above inflation increases to other costs, low consumer confidence and the impact of the increase to the National Living Wage and Employer's National Insurance arrangements.
Although demand in December has shown signs of improvement with online revenues broadly consistent with the prior year on a like-for-like basis, sales in store continue to trend behind those achieved last year. Total revenue to date continues to fall short of management's expectations and has not compensated for the shortfall in revenue experienced in November. "
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