Quiz has announced that it expects revenue to be 6% to 8% lower than the £86.4m predicted in the year ending March 31, 2024. 

QUIZ Arndale store

The value fashion retailer’s group revenue dropped 14% to £42.3m for the six months to September 30, 2023, as shoppers cut unnecessary spending during the cost-of-living crisis.

Store sales decreased 11% to £22m, online revenue dropped 22% to £12.6m and international sales fell 11% to £7.7m. Black Friday sales were also below expectations with sales for the two months to November 30 totalling £14.1m, against last year’s £16m.

Quiz said as a result of its trading performance, its independent chair Peter Cowgill will lead a review of strategic options available to the group, which will be publshed in Q1 2024.

Quiz founder and chief executive Tarak Ramzan said: “This has been a challenging period for many retailers, and we have not been immune to the widely publicised macro headwinds impacting consumer demand. Notwithstanding the ongoing pressure on consumers, we have continued to focus on making the right decisions for our long-term future, including prioritising protecting full-price sales and carefully managing our store portfolio.

”I remain confident that Quiz remains a strong, distinctive brand known for providing glamorous looks at good value prices. However, given the prolonged period of challenging trading, we believe it is prudent to examine a range of options to maximise shareholder value.”