Quiz PLC Trading Update and COVID-19 Impact (6346H)

TIDMQUIZ

RNS Number : 6346H

Quiz PLC

26 March 2020

26 March 2020

QUIZ Plc

("QUIZ" or the "Group")

Trading Update and COVID-19 Impact

QUIZ, the omni-channel fashion brand, announces a trading update and an update on the impact of the COVID-19 outbreak on the Group.

Prior to the COVID-19 outbreak, the Group's year-to-date performance had been in-line with expectations.

Since the beginning of March 2020, there has been a substantial reduction to traffic in stores and online. On Saturday 22 March 2020 the Group took the decision to close its physical stores and concessions in order to ensure the health and wellbeing of its staff and customers.

Given these factors, revenues and margins in March 2020 are expected to be materially below the Board's expectations. The financial results for the year ending 31 March 2020 ("FY2020") will also be impacted by factors such as determining the recoverability of debtor balances, the adequacy of inventory provisions and the requirement for further non-cash store fixture and lease provisions.

Given the ongoing uncertainty regarding the duration of the COVID-19 outbreak, the Board is unable to provide guidance for the year ending 31 March 2021 at this time.

As at 24 March 2020, the Group had net cash of GBP8.3m. In addition, the Group has a GBP2.0m overdraft facility and a GBP2.0m working capital facility available (the "Facilities"). The Facilities are scheduled to expire on 23 April 2020 and the Group is currently seeking their renewal. There are no financial covenants applicable to the Facilities.

The Group is continuing to take steps to preserve cash by eliminating non-essential spend, postponing capital projects, substantially reducing stock intakes and deferring payments wherever possible.

Further announcements will be made by the Group when appropriate. QUIZ will notify the market of the date of the Group's FY2020 Annual Results in due course.

* * * * *

Notes: This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Enquiries :

 
 QUIZ plc                                      Via Hudson Sandler 
 Tarak Ramzan, Chief Executive Officer 
  Gerry Sweeney, Chief Financial Officer 
  Sheraz Ramzan, Chief Commercial Officer 
 
 Panmure Gordon (Nominated Adviser and 
  Sole Broker) 
  Alina Vaskina / Joanna Langley (Corporate 
  Finance) 
  Erik Anderson (Corporate Broking)            [phone] 
 Hudson Sandler LLP (Public Relations)         [phone] 
 Alex Brennan                                  [e-mail] 
  Lucy Wollam 
 

About QUIZ

QUIZ is an omni-channel fashion brand, specialising in occasion wear and dressy casual wear. QUIZ delivers a distinct proposition that empowers fashion forward customers to stand out from the crowd.

QUIZ's buying and design teams constantly develop its own product lines, ensuring the latest glamorous looks at value prices. This fast, flexible supply chain, together with the winning formula of style, quality, value and speed-to-market has enabled QUIZ to grow rapidly into an international brand with more than 300 standalone stores, concessions, franchise stores, wholesale partners and international online partners. As at 24 March 2020, QUIZ had 75 stores and 169 concessions in the UK.

QUIZ operates through an omni-channel, fast fashion business model, which encompasses online sales, standalone stores, concessions, international franchises and wholesale arrangements.

To download images please visit: http://www.quizgroup.co.uk/media-download-centre/

For further information:

https://www.quizclothing.co.uk/

http://www.quizgroup.co.uk/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

TSTSEIESIESSESD

(END) Dow Jones Newswires

March 26, 2020 03:00 ET (07:00 GMT)