Shares in fashion retailer Quiz were down 24 per cent in early morning trading after it issued its second profit warning in three months following lower than expected sales over Christmas.
The Scottish-based retailer had previously indicted that its financial results for the year would be “largely dependent” on Christmas trading.
It said: “As has been widely reported, the retail trading environment has been challenging over recent months, particularly in November. Whilst the group’s sales patterns improved as the Christmas trading period progressed, overall sales for the period were below expectations.”
The company also said that because of lower sales it has had to offer higher discounts on clothing to clear inventory. It said it now expects full year sales to miss expectations of £133m.