By Elena Vardon
Quiz expects a loss and revenue for fiscal 2024 to come in lower than market expectations as inflationary cost pressures are still impacting consumer confidence and demand for its products, which have led to a 15% on-year revenue drop for the first five months of the period.
The London-listed fashion brand on Tuesday said it expects to swing to a pretax loss of no more than 1.5 million pounds ($1.9 million) compared with a profit of GBP2.3 million in fiscal 2023. It still anticipates earnings before interest, taxes, depreciation and amortization for the period, having posted GBP6.2 million for the previous year.
It expects revenue to be around 6% to 7% lower than current views. It didn’t mention what those were, but reported GBP91.7 million in revenue for fiscal 2023.
For the period between April 1 and Aug. 31, it posted GBP37.0 million in revenue, down from GBP43.7 million in the comparable period the year prior.
The group assumes the current trend in revenues is set to continue into the second half.
“Whilst the impact of cost of living pressures on consumers’ disposable income persists, management continues to retain a tight control on costs and is proactively reviewing all aspects of the business to mitigate the impact of the current economic and trading environment on the group,” Quiz added.
Write to Elena Vardon at firstname.lastname@example.org
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