QUIZ PLC (LON:QUIZ) has said it continues to extend its casual ranges to meet changing consumer behaviour, but increased sales in this area are not making up for losses in occasionwear revenues.
The retailer has been struggling during the coronavirus (COVID-19) pandemic because its offering traditionally caters to big events such as weddings.
“Whilst there is uncertainty with regards to when these activities will revert to their previous level, we remain confident that our proposition remains attractive to customers in the long term,” it said in its delayed preliminary results statement for the year to March 31, 2020.
The AIM-listed firm also posted its sales for the first half of the current year, ending on September 30, 2020, when revenues slumped by 73% to £17mln.
Thanks to cost-saving measures and closure of stores in Spain, the group had £4.8mln of cash and £3.5mln of undrawn banking facilities as of October 26.
The fashion designer has so far reopened 60 stores in the UK and four in the Republic of Ireland and is in negotiations with regards to a total of five further stores.
In the year to March 31, group revenue slipped by 10% to £118mln following a sharp decline after the COVID-19 outbreak and QUIZ swung to a £29mln loss before tax from a £200,000 profit the year before due to one-off £26mln impairment charges.
In the wake of the boohoo.com scandal over poor working conditions at some Leicester suppliers, QUIZ said it has appointed a new Ethical Compliance Manager based in the Midlands to check partners in the region, increased audits of its supply chain and introduced new processes to ensure clarity.
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