StockMarketWire.com - Fashion retailer Quiz said its sales had slumped 77% in the first five months of its financial year, owing to temporary stores closures and weak consumer confidence.

Sales from the beginning of April to the end of August fell to £13.0m, down from £55.2m on-year.

Quiz said it had opened 48 standalone stores in the UK out of 75 in the country that it operated prior to a restructuring.

It said it expected to reopen a total of around 60 stores in the UK.

Rental terms for the reopened stores were consistent with targets, the company said.

'They provide a flexible cost base going forward with rents payable predominantly based upon revenues generated rather than previous higher fixed rental arrangements,' it added.

Quiz said it had closed its seven stores in Ireland and three in Spain.

It had now opened four of the Irish stores, with negotiations continuing in relation to the other two there.

Quiz had decided not to reopen any of the Spanish stores.




At 8:00am: [LON:QUIZ] Quiz Plc share price was +0.17p at 7.62p



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