SHARES in Quiz tumbled more than eight per cent yesterday after the fast-fashion retailer reported it had in recent months experienced a year-on-year drop in footfall in its stores.

The Glasgow-based company, run by entrepreneur Tarak Ramzan, cited general high-street weakness as it issued an update on trading so far in its current financial year, which began on April 1. However, it flagged growth in sales through its websites.

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Peter Cowgill, non-executive chairman of Quiz, said: “Whilst trading conditions are expected to remain difficult, the board continues to believe that, through the strength of Quiz’s flexible business model and increasing online focus, the group can return to sustainable profitable growth in the medium term.”

Shares in Quiz finished down 1.55p or nearly 8.4% at 16.95p.

Mr Cowgill said: “The challenging trading conditions reported at the time of the group’s announcement on 11 June 2019 have persisted over the summer months. Consistent with the widely reported conditions on the UK high street, the business has experienced a reduction in store footfall during the period compared to the previous year, when the group experienced particularly strong demand.”

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However, he noted the company's “performance has continued to benefit from sales growth through Quiz’s own websites”.

Mr Cowgill added that group revenues during the period were “broadly in line with the same period last year, after adjusting for the unprofitable revenue streams which have been terminated during the year”.

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Quiz said it would issue a further trading update on the six months to September 30 on October 11.