Quiz, the London-listed fashion brand, has announced that it expects a decline in revenue for fiscal 2024 due to ongoing inflationary cost pressures. As a result, consumer confidence and demand for its products have been impacted, leading to a 15% year-on-year drop in revenue for the first five months of the period.
Pretax Loss and Earnings Projection
In the upcoming fiscal year, Quiz foresees a pretax loss of no more than £1.5 million, compared to a profit of £2.3 million in fiscal 2023. However, it anticipates that earnings before interest, taxes, depreciation, and amortization will remain positive, as it achieved £6.2 million in the previous year.
Lower Revenue Expectations
Quiz predicts that its revenue for fiscal 2024 will be approximately 6% to 7% lower than current market expectations. Although specific figures were not disclosed, the fashion brand reported £91.7 million in revenue for fiscal 2023.
Revenue Performance
During the period between April 1 and Aug. 31, Quiz generated £37.0 million in revenue, reflecting a decline from £43.7 million in the same period the previous year. The company expects this downward trend in revenues to continue into the second half of the fiscal year.
Mitigating the Impact
Acknowledging the persistent impact of cost of living pressures on consumers’ disposable income, Quiz’s management remains focused on cost control measures. They are actively reviewing all aspects of the business to minimize the effects of the current economic and trading environment on the group.
