SHARES in Glasgow-based Quiz tumbled more than 20 per cent yesterday after the fashion retailer revealed a 97% plunge in annual pre-tax profits from £8.55 million to £216,000, writes Ian McConnell.

Quiz posted a 12% rise in revenues to £130.8m for the year to March 31, with chairman Peter Cowgill citing an “exceptionally challenging retail environment”.

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He said: “As previously reported in March 2019, this sales growth was behind the board’s initial expectations for the year. As a result, there was a requirement to apply increased discounts to clear excess stock, particularly during the second half of the year, resulting in a greater proportion of lower-margin sales than previously anticipated.”

Mr Cowgill also cited “increased costs associated with obtaining and servicing online customers”, and described the decline in profits as “disappointing”.

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Chief executive Tarak Ramzan, who noted growth in sales across Quiz’s UK stores and concessions, and its online and international operations, cited “volatile spending and suppressed consumer confidence”.

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Mr Cowgill said: “The foremost to restore profitability. A major focus will be on stabilising the UK’s trading performance.”

Quiz shares closed down 5.75p or 21% at 22p.