Fashion chain Quiz has issued its third profit warning in five months after seeing a “significant shortfall” in sales. The firm, which has 250 UK stores and concessions, is having to sell off stock more cheaply than it expected.
Tarak Ramzan, chief executive, said “all aspects of the business” were being reviewed after “highly disappointing” trading.
Full-year profits are set to be £4.5m, verses £8.2m expected previously.
It made that previous estimate in January, when it downgraded its forecast of £11.5m made in October.
Mr Ramzan said: “Whilst the board remains confident in the strength and appeal of the Quiz brand, as demonstrated by our continued sales growth online, this has been a highly disappointing trading period for the group”.
The warning comes at a time when a number of retailers are facing falling sales on the High Street.
Quiz said that while online revenue had increased by 16.2% in the trading period after Christmas, between 1 January and 28 February, revenue in stores had fallen 11.1%.
This meant revenue for the trading period was down 1.7% on the same time last year.