Fashion brand Quiz has reported a sharp fall in sales over the key Christmas trading period.
After seeing strong sales during Black Friday week, Quiz said sales subsequently were weaker than expected, and group sales over the seven weeks to 4 January fell 9.6%.
Unusually for a retailer, online sales fell faster than those in High Street stores. Online sales fell 14.8% after Quiz said it “terminated unprofitable revenue streams” through some third-party websites, while sales through some of the firm’s other online partners were weak.
On the High Street, Quiz said it had continued to see a reduction in football, with sales at its stores and concessions down 7% over the period.
Despite this, Quiz said it had taken action to cut costs to offset the lower sales, adding that its overall performance for the year remains “broadly” in line with expectations.
“We have a clear customer focus and a flexible model that the board continues to believe will enable Quiz to adapt to the changing retail environment and return to profitable growth in the medium-term,” said chief executive Tarak Ramzan.
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