British fashion retailer Quiz (QUIZ.L) said its revenue took a major hit as a result of "prolonged periods of stores and concessions closures" and a slump in demand for its "trademark occasionwear, as social events and activities were curtailed."
Revenue for its 2021 financial year was £39.7m ($54.6m), a 66% decline year-on-year.
CEO Tarak Ramzan explained that "with prolonged periods of store closures, the past 12 months has been a very challenging period for many in the UK retail sector, and Quiz has not been immune to this."
But he said the company "has taken proactive actions to preserve cash and realign our store estate for the future retail landscape... We are looking forward to being able to serve customers again through our store estate and to the gradual opening up of the retail and leisure economies over the coming months."
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As per prime minister's roadmap to ease restrictions, non-essential retail has been allowed to open up from 12 April.
Shares in the company were up 4% on Tuesday morning.
Online sales made the most money out of all its revenue streams (£21.6m) but was still down 42%. UK stores and concessions took a hit of 82%, brining in £10.5m, and international sales stood at £7.6m, down 65%.
The company has retained a net cash balance of £1.5m at 31 March 2021 and has £3.5m of bank and credit facilities available to it which are scheduled for renewal in October 2021.
Following the collapse of Debenhams, Quiz stopped selling its clothes through the retailer's website. Revenues from this channel in FY 2021 was £5.5m, down from £7.7m in the year prior.
In England and Wales, the company has 87 concessions, of which 72 were in Debenhams stores. These are scheduled to close by the end of May 2021. Its revenue from these in FY 2021 was £3.4m, down from £16.5m in 2019.
"Given the previous decline in revenues, the group does not anticipate that the termination of sales through Debenhams will materially impact upon its profitability or cash flows," it said.
The company expects to publish its full-year 2021 results for the financial year ended 31 March 2021 in late summer 2021.
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