December 4, 2019 / 7:31 AM / 3 months ago

Retailer QUIZ's profit tumbles as UK high street remains 'very challenging'

Dec 4 (Reuters) - Fast fashion retailer QUIZ Plc on Wednesday reported a plunge in half-year earnings and said it was exiting loss-making concessions, as it faces persistently challenging conditions on the UK high street.

The company said underlying pretax profit sank to 0.6 million pounds ($769,800.00) for the six months ended Sept. 30 from 4.2 million pounds a year ago, as trading conditions on the UK high street remained “very challenging”.

QUIZ, with 73 stores and 171 concessions in the country, said it had the chance to renegotiate or terminate leases for half of its UK stores over the next two years.

However, the retailer pointed to a positive response to recent product ranges as the key Christmas trading begins, and said it was “pleased” with sales across the recent Black Friday week.

$1 = 0.7794 pounds Reporting by Muvija M in Bengaluru; Editing by Rashmi Aich

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