Some Quiz outlets to remain closed after restructure caused by pandemic

Fashion chain Quiz has announced around 15 of its stores will remain closed permanently after a major restructuring following a sales dive during the coronavirus pandemic.

It told investors that 48 of the 75 outlets it operated prior to lockdown have reopened, and this is expected to increase to 60 outlets in total.

The retailer had put its stores business into administration with the loss of 93 jobs in June and also closed its seven branches in Ireland and three in Spain, as part of the restructuring.

The update came as the company revealed that revenues plunged by 77 per cent to £13 million for the five months to August 31 after it was hammered by the enforced closure of stores.

Sales from UK stores and concessions tumbled by 89 per cent to £2.9 million from £27.3 million in the same period last year.

It said it also discounted heavily because of “lower demand”, meaning profit margins slid by around six per cent.

Online sales fell by 54 per cent to £8 million, despite remaining open during lockdown. However, sales through the  website steadily improved during the period, it said, but in August remained 11 per cent lower than the same period last year.

Quiz has been boosted by extending its casual ranges as shoppers turned away from smarter items and occasion-wear.

It added it is “encouraged by the consistent improvement” in like-for-like sales in recent weeks.

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