Shares of troubled Glasgow-based fashion firm Quiz recovered some of their lost ground on Thursday after it published a trading update for the year ended March 31, 2019.

Quiz said its revenue increased 2% to £130.9 million during the financial year and it anticipates its EBITDA will be approximately £4.5 million for full-year 2019.

On March 7, Quiz shares fell more than 50% after it said in a trading update it recorded “a significant shortfall in sales” and that it will “be reviewing all aspects of the business over the coming months.”

On Thursday, Quiz shares rebounded about 20%.

The firm added in its trading update: “The group’s online revenue reflects sales made through Quiz’s own websites, as well as through a number of third-party websites,” said Quiz.

“Revenue generated from Quiz websites increased by 58% during the year, reflecting the impact of the increased marketing spend undertaken.

“The growth in international sales reflects continued growth from our franchise business and the impact of opening three standalone stores in Spain during the previous year.

“The group’s UK standalone stores and concessions revenue benefited from the opening of three new standalone stores and the relocation of two stores into larger refurbished units in the financial year.

“As part of our active management of our retail portfolio, two stores closed in the year.

“We note the recent announcement from Debenhams plc that whilst they have entered into administration the underlying operating companies continue to trade as normal with suppliers expected to be unaffected.

“Quiz operates 108 Debenhams concessions in the UK and 11 in the Republic of Ireland and sells its product through the Debenhams website. 

“Revenues from these activities represented 23% of overall revenues generated during FY 2019.

“We look forward to continuing to work productively with Debenhams going forward.

“The board previously noted that it is undertaking a thorough review of all aspects of the business with a view to mitigating the effects of slower than anticipated growth during the year.

“We will report the findings from this review when we announce our final results for FY 2019 on 11 June 2019.”