StockMarketWire.com - Fashion retailer Quiz swung to a first-half loss as sales slipped and it wrote down the value of its stores.

Pre-tax losses for the six months through September amounted to £6.8m, compared to a profit of £3.8m on-year.

Revenue fell 5% to £63.3m, while underlying profit dropped 85% to £0.6m.

The company took a £7.0m exceptional charge owing to impairment of store assets and onerous lease provisions.

Chief executive Tarak Ramzan said that while the result was disappointing, the company was focused on reviewing its business.

'We are pleased to report progress improving gross margins and reducing costs across the business, and will look for further improvements to develop our omni-channel offering,' Ramzan said.

'Quiz has continued to achieve sales growth in its international business and, in particular, online despite the challenging trading conditions.'

'This has been supported by effective marketing investment including a successful collaboration with TV star Samantha Faiers.'




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