TIDMQUIZ
RNS Number : 2102V
Quiz PLC
13 April 2021
13 April 2021
QUIZ Plc
("QUIZ" or the "Group")
Trading Update
QUIZ, the omni-channel fashion brand, provides a trading update
covering the financial year ended 31 March 2021 ("FY 2021") as well
as recent trading.
FY 2021 Trading Update & Cash Position
FY 2021 revenues were impacted by prolonged periods of stores
and concessions closures, as well as the material detrimental
impact on demand for QUIZ's trademark occasionwear as social events
and activities were curtailed. As a result, revenues for FY 2021
were GBP39.7 million which reflected a 66% decline on the GBP118.0
million generated in the year ended 31 March 2020 ("FY 2020"). The
impact on each revenue stream during FY 2021 was as follows:
Year-on-year
FY 2021 FY 2020 decline
---------- ----------- -------------
Online GBP21.6m GBP37.5m -42%
International GBP7.6m GBP21.8m -65%
UK stores and concessions GBP10.5m GBP58.7m -82%
Total GBP39.7m GBP118.0m -66%
========== =========== =============
Despite this drop in revenues in the year, reflecting tight cost
control, the Group has retained a net cash balance of GBP1.5
million at 31 March 2021 (comprising a cash balance of GBP4.2
million offset by a GBP2.7 million drawdown of available bank
facilities). The Group has a total of GBP3.5 million of bank and
credit facilities available to it which are scheduled for renewal
in October 2021. There are no financial covenants applicable to
these facilities.
Recent Business Developments
Following the proactive actions taken by QUIZ during FY 2021 to
address its physical retail estate and lease terms and further to
the re-opening of non-essential retail in England and Wales on
Monday 12 April 2021, the status of the Group's stores and
concessions is now as follows:
Open Closed
--------------------- ---------------------
Stores Concessions Stores Concessions
------- ------------ ------- ------------
England and
Wales 36 87 - -
Scotland - - 19 1
Northern Ireland - - 5 8
Republic of
Ireland - - 4 11
It is currently anticipated that the stores and concessions in
Scotland and Northern Ireland will reopen on 26 April 2021,
although this remains subject to confirmation.
The above concessions number of 87, includes 72 concessions
located in Debenhams stores in England and Wales, which are
scheduled to close by the end of May 2021. Revenues from Debenhams
UK concessions in FY 2021 amounted to GBP3.4 million (FY 2020:
GBP16.5 million). Subsequent to 31 March 2021, the Group has ceased
to sell product through the Debenhams website. Revenues from this
channel in FY 2021 amounted to GBP5.5 million (FY 2020:
GBP7.7million).
Given the previous decline in revenues, the Group does not
anticipate that the termination of sales through Debenhams will
materially impact upon its profitability or cash flows.
Outlook
The Group continues 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 QUIZ 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.
FY 2021 Results
The Company expects to publish its FY 2021 results for the
financial year ended 31 March 2021 in late summer 2021 and will
notify of the exact date in due course.
Tarak Ramzan, Chief Executive Officer of QUIZ commented: "With
prolonged periods of store closures, the past 12 months has been a
very challenging period for many in the UK retail sector, and QUIZ
has not been immune to this. However, against this difficult
trading backdrop, the Group has taken proactive actions to preserve
cash and realign our store estate for the future retail landscape.
In addition, we remain confident that there is robust underlying
demand from our customers for the QUIZ brand and our trademark
dressy and occasionwear. We are looking forward to being able to
serve customers again through our store estate and to the gradual
opening up of the retail and leisure economies over the coming
months, which we believe we are well placed to benefit from."
---
Market abuse regulation
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/201 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
Enquiries :
QUIZ plc Via Hudson Sandler
Tarak Ramzan, Chief Executive
Officer
Gerry Sweeney, Chief Financial
Officer
Sheraz Ramzan, Chief Commercial
Officer
Panmure Gordon
(Nominated Adviser and Sole Broker)
Alina Vaskina / Joanna Langley
(Corporate Finance)
Erik Anderson (Corporate Broking) +44 (0) 207 886 2500
Hudson Sandler LLP (Public Relations) +44 (0) 207 796 4133
Alex Brennan / Lucy Wollam quiz@hudsonsandler.com
About QUIZ
QUIZ is an omni-channel fashion brand, specialising in occasion
wear and dressy casual wear.
QUIZ delivers a distinct proposition that empowers its fashion
forward customers to stand out from the crowd.
QUIZ's buying and design teams constantly develop its own
product lines, ensuring the latest glamorous looks at value prices.
This flexible supply chain, together with the winning formula of
style, quality, value and speed-to-market has enabled QUIZ to grow
rapidly into an international brand with stores, concessions,
franchise stores, wholesale partners and international online
partners in 22 countries.
QUIZ operates through an omni-channel, fast fashion business
model, which encompasses online sales, standalone stores,
concessions, international franchises and wholesale
arrangements.
To download images please visit:
http://www.quizgroup.co.uk/media-download-centre/
For further information:
https://www.quizclothing.co.uk/
http://www.quizgroup.co.uk/
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END
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