Fashion retailer Quiz has reported a slump in full-year profits but maintained it can “return to sustainable profitable growth”.
Quiz posted a 97% slide in pre-tax profits to £0.2m in the year to March 31, when sales rose 12% to £130.8m.
Performance was hit by heaving discounting in tough trading conditions, which hit margins. Increased costs associated with obtaining and servicing online customers also contributed to the fall in profits.
Online revenue increased 34% to £41m, representing 31.4% of group revenue and the active online customer base increased 56% to 576,000.
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