British clothing brand Quiz has seen a fall in revenue and profit for the year ended 31 March 2020.
And with the pandemic hitting at the same time, the clothing retailer immediately accelerated its shift to selling apparels digitally.
While the revenue for the year slumped by 9.2 per cent to touch £118 million, the gross profit declined by 10.5 per cent year-over-year (Y-o-Y) to clock £71.1 million.
The year also saw Quiz register a loss before tax of £3.7 million – in comparison to the profit of £200,000 made in the previous year.
As far as e-commerce sales were concerned, the retailer saw the sales go down by 8.5 per cent to record £37.5 million. Quiz has attributed the fall in e-commerce numbers to lower sales through third-party websites.
Notably, global sales also fell by 5.2 per cent to post £21.8 million for the period.
2020 been a happening year for Quiz, as it has been with other clothing retailers.
While in June, Quiz appointed administrators to its subsidiary Kast Retail, which then sold most of its stores to Zandra Retail (subsidiary of Quiz), in July Quiz came into spotlight after being accused of making clothes in a non-compliant factory in Leicester.
Following this, Quiz had suspended the said supplier.
Also Read: Quiz suspends its Leicester-based supplier over breach of living wage requirements
Founded in 1993, Quiz has nearly 275 stores in the UK and over 50 stores in countries across Asia and Europe.
