Shares in fashion retailer Quiz PLC (AIM:QUIZ) have lurched 15% lower in the first hour of trading after the company reported challenging trading conditions amidst rising inflation.
Despite reporting a robust recovery for the year ending March 2023, with pre-tax profits of £2.3mln, a significant increase from approximately £800,000 a year earlier, Quiz has seen a downturn in sales recently.
CEO Tarak Ramzan cautioned the tough retail climate is likely to persist into the second half of the current financial year.
The stock, off a third in the year to date, fell 0.75p to 9.90p in early trading.