Embattled womenswear group Quiz PLC (LON:QUIZ) is to slash more costs after Christmas sales undershot expectations.
Revenues in the seven weeks to 4 January slumped 9.3% with footfall in UK standalone stores and concessions down by 7%
Tarak Ramzan, chief executive, said the drop in revenues was disappointing but added it had made good progress on improving gross margins and reducing costs.
READ: Quiz fails to offset declining sales with online ramp-up
Maintaining gross margins was a strategy recommended in a recent strategic review and sales through its own website rose 5.9% as Quiz focused on full-price sales and cut back on promotions.
Even so, online sales overall fell 14.8% due to a weak performance from its partners.
Cash in the bank is £10.7mln.
“With our cash position, we remain confident that we can improve our financial performance and grow revenues,” added Ramzan.
Quiz has shed 90% of its value since it listed on AIM at the start of 2018 and the shares dropped a further 14% to 16.2p on Wednesday at the opening bell.
Analysts at Shore Capital said downside risk remains if the recent dismal trading continues in the last three months of the financial year.