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Quiz festive sales fizzle as shoppers feel the pinch

Fashion chain Quiz has said shoppers squeezed by higher prices led to a drop in its sales of more than a £1 million in December (Quiz/PA)
Fashion chain Quiz has said shoppers squeezed by higher prices led to a drop in its sales of more than a £1 million in December (Quiz/PA)

Fashion chain Quiz has said shoppers squeezed by higher prices led to a drop in its sales of more than a £1 million over the critical festive season.

The business said its sales over December fell by 11% compared with the same month the previous year, down £1.1 million to total £8.7 million.

Consumers have been feeling the pinch, with demand weakening in the face of inflationary pressures pushing up the cost of living, Quiz said.

This resulted in fewer shoppers spending in stores and online during the typically busier Christmas shopping period.

The disappointing festive sales for the retailer, which is known for selling women’s occasionwear including dresses and jumpsuits, follows a weak Black Friday.

Quiz AIM listing plans
Quiz said year-on-year sales fell by more than a 10th in December (Quiz/PA)

Quiz told investors in December its annual sales were likely to be lower than it previously thought, as the loss-making business flagged a “prolonged period of challenging trading”.

But on Tuesday it said it remains confident in achieving the current full-year outlook.

Its chairman Peter Cowgill, who previously led the board at JD Sports, said the firm had launched a strategic review following the weaker financial performance.

It is expected to report the findings of the review by the end of March.

Meanwhile, rival fashion retailer Boohoo told investors it was trading in line with market expectations, having previously warned that its fall-year sales could fall by up to 17%.

The company is also operating at a loss, with pre-tax losses reaching more than £25 million at half-year and has flagged a tougher trading environment and reduced consumer demand.