Online Sales Growth Offset by Declining High Street Performance
- Quiz reports a 5% drop in group revenue to £63.3m for H1 2019
- Online revenues grow by 7% to £20m, Quiz website sales up 12% YoY
- UK stores and concessions see reduced footfall, sales down 11% to £31.3m
- International sales increase 3% to £12m due to franchise operations and Spanish stores
- Irish sales decline offsets some of the growth
- CEO Tarak Ramzan remains confident in medium-term sustainable growth
Fashion retailer Quiz has reported a 5% drop in group revenue to £63.3m for the first half of 2019, amid challenging UK retail conditions. Online revenues grew by 7% to £20m, with sales from its Quiz website increasing by 12% year-on-year. The company attributed this growth to continued investment in its online proposition and product range, as well as effective marketing. However, the group’s stores and concessions experienced a reduction in footfall during the period, leading to weaker than anticipated sales. Sales in UK standalone stores and concessions decreased by 11% to £31.3m. International sales increased by 3% to £12m due to growth in franchise operations and Spanish stores, partially offsetting a decline in Irish sales. CEO Tarak Ramzan expressed confidence in the company’s flexible business model and online focus for medium-term sustainable growth.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Quiz’s financial performance, including revenue figures, online sales growth, and store performance in different regions. It also includes a statement from the CEO regarding the company’s outlook for future growth.
Noise Level: 3
Noise Justification: The article provides relevant information about Quiz’s financial performance and highlights the challenges faced by the UK retail environment. It also mentions the growth of online sales and international expansion. However, it lacks in-depth analysis or exploration of long-term trends or consequences of decisions.
Financial Relevance: Yes
Financial Markets Impacted: UK retail sector
Financial Rating Justification: The article discusses a drop in revenue for fashion retailer Quiz and its impact on their sales, which is related to the financial performance of the company. It also mentions the challenging trading conditions in the UK retail environment, which can affect other companies in the sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification:
www.retailsector.co.uk 
