REG - Quiz PLC - Renewal of Bank Facilities and Trading Update

QuizAnnouncement

27/06/2024 07:00

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RNS Number : 0424U  Quiz PLC  27 June 2024

 

 

 

 

27 June 2024

QUIZ Plc

("QUIZ", the "Company" or the "Group")

 

Renewal of Bank Facilities and Trading Update

 

QUIZ, the omni-channel fashion brand, provides an update on the renewal of its
bank facilities, its current cash position and trading for the period from 1
April 2024 to 31 May 2024 ("the Period").

Bank Facilities and Cash Position

The Group is pleased to confirm its £4.0 million of bank facilities have been
renewed for a further twelve months to 30 June 2025. There are no financial
covenants applicable to these facilities.

As at 26 June 2024, the Group had net borrowings of £1.6 million and total
liquidity headroom of £2.4 million.

Trading Update

Since the year ended 31 March 2024, UK sales have continued to be impacted by
ongoing cost-of-living pressures on our customers. As a result, revenues in
the period from 1 April to 31 May 2024 amounted to £13.8 million, a £1.7
million reduction on the prior year period which is consistent with
expectations for the Period. The gross margin performance in the Period was
consistent year-on-year.

Notwithstanding the continued difficult trading environment in the Period, the
Group is encouraged by a 12% increase in demand for QUIZ product in
international territories and sales in QUIZ stores being broadly comparable
year-on-year on a like-for-like basis.  UK online traffic has, however, been
more severely impacted by the challenging environment and pressures on
customers outlined above.

The Company is continuing to manage its cost base and working capital
carefully and is continuing to identify opportunities to improve its revenue
and profits. Since announcing an update on the Company's review of strategic
options in March this year, the Company has implemented a number of trading
initiatives, including but not limited to the following:

·    reviewing and having greater clarity on our target customer and
updating our brand identity to re-align our Marketing and Buying and
Merchandising activities;

·    restructuring the Buying and Merchandising function to provide a
clearer focus on developing our product and pricing strategies, which includes
the recruitment of a new Head of Merchandising as well as increasing the
resource available to our Buying Team;

·    elevating our brand, including creating a more aspirational image
through refreshed marketing and social media activity;

·    expanding the distribution channels available to the business
including the re-launch of QUIZ on Debenhams.com and associated websites; and

·    leveraging off the newly introduced omni-channel system to better
service customers including the option to offer same day click and collect
functionality across the store estate.

Results for the year ended 31 March 2024

The Company expects to publish results for the year ended 31 March 2024 in
late July and will notify of the date in due course.

Enquiries:

 

 QUIZ plc                                 Via Hudson Sandler
 Sheraz Ramzan, Chief Executive Officer

 Gerry Sweeney, Chief Financial Officer

 Panmure Gordon                           +44 (0) 207 886 2500

 (Nominated Adviser and Sole Broker)

 Emma Earl, Ailsa Macmaster

 Rupert Dearden

 Hudson Sandler LLP (Public Relations)    +44 (0) 207 796 4133
 Alex Brennan                             quiz@hudsonsandler.com (mailto:quiz@hudsonsandler.com)

 Emily Brooker

 

Notes:

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR").

 

About QUIZ:

QUIZ is an omni-channel fashion brand, specialising in occasion wear and
dressy casual wear. QUIZ delivers a distinct proposition that empowers its
fashion forward customers to stand out from the crowd.

 

QUIZ's buying and design teams constantly develop its own product lines,
ensuring the latest glamorous looks at value prices. This flexible supply
chain, together with the winning formula of style, quality, value and
speed-to-market has enabled QUIZ to grow into an international brand with
stores, concessions, franchise stores, wholesale partners and international
online partners.

 

QUIZ operates through an omni-channel business model, which encompasses online
sales, standalone stores, concessions, international franchises and wholesale
arrangements.

 

To download images please visit:
http://www.quizgroup.co.uk/media-download-centre/
(http://www.quizgroup.co.uk/media-download-centre/)

For further information:

https://www.quizclothing.co.uk/ (https://www.quizclothing.co.uk/)

http://www.quizgroup.co.uk/ (http://www.quizgroup.co.uk/)

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