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Quiz shares slump as group warns of potential need for further funding
(Sharecast News) - Clothing business Quiz warned on Friday that it may require additional funding as decreased footfall weighed on sales in the three months ended 30 November. Quiz said it had experienced a "marked decline" in both online and in-store traffic in the quarter, with revenue for the period down £1.5m at £24.9m and year-to-date sales slipping 8.6% to £52.2m.
The Glasgow based firm said it quarterly underperformance was principally due to uncertainty around the impact on trading of both November's Black Friday sales period, which took place a week later than in previous years, and October's Budget.
As a result, Quiz said additional funding would likely be necessary early in the new year in the absence of "a material improvement" to trading during the all-important pre-and-post-Christmas period.
Quiz added that net borrowings sat at £2.8m and said it had total liquidity headroom of £1.2m.
As of 0930 GMT, Quiz shares had slumped 44.30% to 2.98p.
Reporting by Iain Gilbert at Sharecast.com
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