Omni-channel fashion firm Quiz PLC (AIM:QUIZ) has warned it may need further funding by early next year after a drop in footfall and online traffic hit sales in recent months.
Both online and in-store traffic suffered a “marked decline” during the important trading month of November, Quiz said on Friday.
Revenue slipped by £1.5 million to £24.9 million in its latest quarter as a result, and was down 8.6% over the eight months to November at £52.2 million.
This was behind management’s expectations, with Quiz pointing to uncertainty around both the impact from November’s Black Friday and October’s Budget on trading.
“In the absence of either a material improvement to trading during the important pre-and-post-Christmas period [...] the board anticipates that additional funding will be required by the group in the first quarter of 2025,” Quiz said.
Net borrowings sat at £2.8 million as of November, while Quiz had total liquidity headroom of £1.2 million.
Founder Tarak Ramzan had previously offered to provide a £1.0 million loan facility for additional liquidity headroom and working capital, Quiz added.