StockMarketWire.com - Online fashion retailer Quiz booked a 97% drop in annual profit and suspended its dividend, as heavy discounting and investment spending hurt its margins.

Pre-tax profit for the year through March tumbled to £0.2m, down from £8.5m on-year, even as revenue rose 12% to £130.8m.

Quiz said it chose to suspend dividend payments in order to restore profitability and support the growth of the business.

Chief executive Tarak Ramzan said the company was attempting to ensure that it could navigate 'what remains a volatile trading environment'.

'We have concluded this review process with sharpened focused and a clearer vision of what is required to ensure that Quiz succeeds in a dynamic retail sector and achieves its strategic objectives,' he said.

'Whilst trading conditions have remained challenging in the year to date, the board remains confident that underpinned by our flexible business model and an increasing online focus, the group can return to sustainable profitable growth.'



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