Profit warning at fast-growing fashion retailer
A listed fashion retailer has issued its second profit warning in three months despite growing revenues over the Christmas trading period.
Fast-growing Quiz, based in Glasgow, said revenues for the period covering 25th November 2018 to 5th January 2019 were up 8.4 per cent overall and 34.1 per cent online.
However founder and chief executive Tarak Ramzan said the company’s board was revising its sales and profit expectations for 2019 down from £11.5 million to £8.2m.
"Against the backdrop of challenging trading conditions over recent months, Quiz has delivered further revenue growth over the Christmas period driven by the performance of our own websites,” said Ramzan.
“However, the growth and the margin achieved have been below our initial expectations.
“We remain confident about Quiz's long-term potential as an omni-channel fashion brand with a clear customer focus."
Quiz, founded in 1993, has around 70 stores and 148 concessions across the UK as well as franchises around the world.