Quiz secures renewal for bank facility as revenue takes hit

Fast fashion retailer Quiz has announced the renewal of a four million pound banking facility, which has now been extended for a further 12 months to June 30, 2025.

The news came as the company also reported its trading for the period spanning April 1 to May 31, 2024, during which time it continued to see impact from the ongoing cost-of-living crisis in its home region of the UK.

During the two month span, revenues dropped 1.7 million pounds to 13.8 million pounds compared to the same period of the year prior. Gross margin performance, meanwhile, was “consistent” year-on-year.

Despite this, Quiz said it had been encouraged by a 12 percent increase in demand within international markets, while sales in its stores had also been “broadly comparable YoY on a like-for-like basis”.

Quiz undergoes ‘aspirational’ identity refresh amid strategic review

In the UK, however, online traffic showed more impact from the “challenging environment and pressures on customers”.

Quiz has been reporting regular drops in sales throughout the past year, performance that ultimately led to the introduction of a strategic review in March with the mission of managing cost base and identifying opportunities to improve revenue and profits.

With its latest update, the company shared some steps it has already taken as part of this plan, including a review of its target customer, an update to its brand identity and the restructuring of its buying and merchandising function with a focus on developing product and pricing strategies.

Next to refreshing its brand image, pivoting towards a more “aspirational” perspective, Quiz has also been focusing on behind the scenes elements of the company, including the expansion of distribution channels – as seen in the relaunch of the brand on Debenhams’ e-commerce site – and the leveraging of a new omnichannel system.