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Quiz’s March results “materially” below expectations as customers return their party dresses

Results for the year ending 31 March will also be impacted by factors such as debtor balances and inventory provisions

Quiz PLC - Quiz’s March results “materially” below expectations as stores close due to pandemic

Quiz PLC's (LON:QUIZ) revenues and margins for March are expected to be “materially” below forecasts.

Analysts at Peel Hunt pointed out most of the damage was made by returns, as "cancelled parties mean returned party dresses".

READ: Quiz slides again on Christmas sales disappointment

"It would have been better had QUIZ closed its stores earlier," they commented, adding online sales have not been doing well. All stores shut on Saturday 22 March.

"The cash burn (after government support and rent changed timings) is £1.25mln per month, so there's no immediate problem here, but this is not one to bottom fish."

The occasionwear retailer said the financial results for the year ending 31 March will also be impacted by factors such as debtor balances and inventory provisions.

The clothier said its performance before the coronavirus outbreak had been in line with expectations.

As of 24 March, the retailer had £8mln cash, plus £4mln from an overdraft and a working capital facility.

Shares were flat at 5.24p on Thursday morning.

--Adds share price, analyst's comment--

Quick facts: Quiz PLC

Price: 4.3554 GBX

AIM:QUIZ
Market: AIM
Market Cap: £5.41 m
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