Quiz has revealed its half-year losses have more than doubled as it warns it will run out of cash by early 2025.
The fashion retailer said the “disappointing level of revenues” in the run up to Christmas has meant the cash headroom available is “less than previously anticipated” and that it will need additional funding in early 2025.
The warning came as Quiz reported its pre-tax losses had deepened from £1.5m to £4.7m for the six months to 30 September.
Sales fell 7.5% to £39.1m, which it attributed in part to a “marked decline in traffic both online and in-store” last month.
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Revenue from 1 August to 30 November amounted to £24.9m, a £1.5m reduction on the prior period.
Quiz said: “While demand in December has shown signs of improvement with online revenues broadly consistent with the prior year on a like-for-like basis, sales in store continue to trend behind those achieved last year”.
As a result, it noted that sales in December “continue to fall short of management’s expectations and have not compensated for the shortfall in revenues experienced in November”.
The retailer currently has £500,000 in total liquidity headroom, more than half of the £1.2m it had at the start of the month.
Quiz is currently seeking approval from shareholders for its plans to delist the company from London Stock Exchange and re-register it as a private company at its next general meeting on 8 January.
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