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Sandra Halliday Published
December 5, 2025
Womenswear brand Quiz reported its results for the six months to the end of September on Tuesday with the company revealing lower sales and profits.
It added that tough times are continuing and that it has launched a review into its options, despite being confident of its long-term potential.
Looking at the figures first, group revenue fell to £42.3 million from £49.4 million and EBITDA was down to £1.1 million from £3.7 million a year ago. The company made a loss before tax of £1.5 million after a profit on the same basis of £1.8 million in the previous period.
Its operating cash flows also reduced to £2.1 million from £6.5 million and its cash, net of borrowing, fell to £3.6 million from £9.2 million.
The revenue drop reflected “challenging prior year comparatives as well as inflationary pressures impacting consumer demand”. It meant UK store and concession revenues fell 11% to £22 million and online revenues fell 22% to £12.6 million. International revenues (standalone stores and concessions in the Republic of Ireland and franchises in 20 countries) dropped 11% to £7.7 million.
But the company managed to drive the gross margin up very slightly to 61.8% from 61.6%, reflecting its continued focus on full-price sell-through. It also opened three stores, relocated two and closed twoo during the period taking its total estate to 64 in the UK and five in the Republic of Ireland.
As for current and future trading, it said the short-term outlook is difficult to predict. Sales for the two months to the end of November were £14.1 million, down from £16 million a year ago and below management expectations. While a big chunk of the Christmas trading and January sales period is still to come, it doesn't appear to be too optimistic and expects full-year revenues to be between 6% and 8% lower than current market expectations.
As mentioned, it said it remains confident that the brand has a future, is differentiated and its omnichannel business model remains relevant. However it said that given the group’s trading performance the board has decided to “immediately initiate a thorough review of the strategic options available to the group to maximise shareholder value”.
This process is being led by independent chairman Peter Cowgill and results of the review should be announced during the first quarter of next year.
Tarak Ramzan, founder and CEO, said: “This has been a challenging period for many retailers, and we have not been immune to the widely publicised macro headwinds impacting consumer demand. Notwithstanding the ongoing pressure on consumers, we have continued to focus on taking the right decisions for our long-term future, including prioritising protecting full-price sales and carefully managing our store portfolio.
“I remain confident that Quiz remains a strong, distinctive brand known for providing glamorous looks at good-value prices. However, given the prolonged period of challenging trading we believe it is prudent to examine a range of options to maximise shareholder value.”