Quiz PLC (AIM:QUIZ) shares fell more than 20% in Monday’s early deals as the company cautioned over the ongoing pressures on consumer spending, whilst reporting lower like-for-like revenues in recent months.
The company, in a stock market statement, told investors that its group revenue was up 17% over the 12 months ended 31 March 2023, totalling £91.7mln, driven by its ‘omnichannel model’. Store sales were up 23% at £45.5mln, online sales rose 12% to £29.8mln and international sales gained 10% to £16.4mln.
In the past two months, February and March, however, sales slowed versus 2022 like-for-like comparatives.
Quiz warned that it expects ongoing pressures on consumer spending to continue into the new financial year, impacting demand in the sector and reducing visibility for FY24.
"The group delivered a good performance in FY23 achieving revenue growth across each of its channels reflecting the strength of QUIZ's trademark dressy and occasion wear product offering," said chief executive Tarak Ramzan.
“Whilst the external trading environment is expected to remain challenging in the near term, we remain highly confident in the group's long-term prospects."
The detailed results for the financial year are due in July. Quiz said it had £6.2mln of net cash at the end of March and had £3.5mln of available bank and credit facilities scheduled for renewal in June 2023.
In London, Quiz shares lost 3.21p or 20.78% and were changing hands at 12.24p, valuing the company at just over £15mln.