High street retailer QUIZ turns to online business as physical store sales drop
Clothing retailer QUIZ is focusing on developing its omni-channel model after seeing store sales dip.
The brand’s overall revenue decreased 5 per cent, from £66.7m in H1 2019 to £63.3m in H1 2020.
Sales in QUIZ’s standalone stores and concessions dropped by 11 per cent after seeing a reduction in footfall, which the brand has attributed to “very challenging” high street conditions.
In contrast, the firm’s online revenues grew by 7 per cent, driven by year-on-year sales increases of 12 per cent on QUIZ websites.
Tarak Ramzan, chief executive officer at QUIZ, commented: “Overall, the group’s trading performance in the first half has been broadly in line with the board’s expectations despite the difficult UK trading environment.
“Sales growth through QUIZ’s websites has continued, reflecting the investment in our product range and marketing initiatives.
“Whilst trading conditions are expected to remain challenging in the near term, the board remains confident that underpinned by QUIZ’s flexible business model and an increasing online focus, the group can return to sustainable profitable growth in the medium term.”
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