QUIZ sees 77% sales drop amid decline in occasion wear demand
Fashion brand QUIZ has reported a significant drop in sales as a result of the ongoing COVID-19 pandemic and restrictions on social gatherings.
For the five month period ending August 31, the firm made £12.8m in sales, a 77 per cent decline on the £55.2m revenues generated from 1 April to 31 August 2019.
In a trading statement this morning, the company explained how it was working to offset the decline: “During the period, the group has extended its casual ranges to respond to the additional demand for this product.
“This is in response to the decline in demand for occasion wear further to the ongoing restrictions on social events.”
The group, which operated 164 concessions in the UK prior to lockdown, announced a strategic restructure in June and now operates 141 stores across the country.
QUIZ has also been impacted on an international level, with its Spain stores set to close permanently and its primary US customer entering bankruptcy.
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