SMALL CAP MOVERS: Quiz becomes the latest victim of retail sector woes
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Quiz fell victim to the retail sector’s wider woes in November as a “marked drop” in footfall weighed on sales and prompted a warning that fresh funding may be needed ahead. Shares in the omni-channel fashion brand fell 41 per cent to 3.12p over the week, weighed down by a Friday update showing revenue £1.5 million lower at £24.9 million in its latest quarter.
Additional funding would likely be needed in early 2025 in “the absence of a material improvement to trading during the important pre-and-post-Christmas period,” Quiz said. Though already offered by founder Tarak Ramzan, Quiz’s call for cash follows alarm bells from the retail industry as a whole.
Overall footfall across the sector fell 4.5 per cent for a second consecutive month in November, according to the British Retail Consortium. A later Black Friday this November had played a part, but against the backdrop of low consumer confidence in the wake of October’s Budget.
Quiz cited uncertainty around the impact of both as it joined the industry in pointing focus to the vital Christmas period in hope of a turnaround. Quiz revenues were £1.5million lower at £24.9 million in the latest quarter. It was not all doom and gloom for the sector this week though, with cosmetics maker Warpaint London unveiling a £13.88 million bid for challenger beauty firm Brand Architekts Group.
