Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Quiz announces board changes amid subdued trading
(Sharecast News) - Shares in clothing retailer Quiz were sliding on Thursday morning, after it reported continued subdued trading alongside significant changes to its board, as part of a strategic review. The AIM-traded firm said chief executive officer and founder Tarak Ramzan would step down from his CEO role immediately, but would remain a non-executive director, leveraging his expertise and support during the transition period.
Sheraz Ramzan, the current chief commercial officer, would take over as the new CEO to lead a turnaround strategy aimed at recalibrating the Quiz brand and driving profitable growth.
Non-executive chairman Peter Cowgill would meanwhile play a more active role in supporting the company through the ongoing strategic review and assisting Sheraz in his new role.
Additionally, the board said it was actively seeking at least one additional independent non-executive director following a previous departure.
Amid subdued UK sales impacted by reduced foot traffic both in-store and online, the company reported a 9% reduction in sales for the period from 1 January to 29 February, compared to the prior year.
However, international sales were showing promise, particularly in Saudi Arabia and the United States.
Despite the sales challenges, the company's gross margin performance remained steady year-on-year.
The board anticipated revenue and losses before tax for the year to be in line with expectations, with potential non-recurring charges from an impairment review of store-related assets.
To counter declining revenues, the firm said it was implementing cost-saving measures, eliminating loss-making activities, reviewing operational efficiencies, and optimising its product offerings.
Liquidity remained a focus, with total liquidity headroom of £2.9m as of 27 March.
The company said it was exploring various strategic options, including organic growth opportunities, cost control measures, and potential new strategies, and will provide further updates as appropriate.
"The UK apparel market has undergone significant well reported changes since Quiz's IPO in 2017 and it continues to evolve at pace," said non-executive chairman Peter Cowgill.
"The board changes announced today provide an opportunity for a fresh vision and new leadership approach to create value for all shareholders.
"I look forward to working closely with Sheraz, following his well-deserved promotion to CEO, to determine the optimum path forward for the business."
At 0902 GMT, shares in Quiz were down 15.23% at 5.07p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.