Shares of troubled Glasgow-based fashion firm Quiz fell another 15% on Wednesday after it issued a downbeat trading update covering the financial year-to-date at its AGM.

Quiz chairman Peter Cowgill said in an AGM statement: “Group revenues during the period are broadly in line with the same period last year (after adjusting for the unprofitable revenue streams which have been terminated during the year).

“The challenging trading conditions reported at the time of the group’s announcement on 11 June 2019 have persisted over the summer months. 

“Consistent with the widely reported conditions on the UK high street, the business has experienced a reduction in store footfall during the period compared to the previous year when the group experienced particularly strong demand. 

“The group’s performance has continued to benefit from sales growth through Quiz’s own websites.

“Whilst trading conditions are expected to remain difficult, the board continues to believe that, through the strength of Quiz’s flexible business model and increasing online focus, the group can return to sustainable profitable growth in the medium term. 

“The group intends to provide a further Trading Update with regards to the six-month period to 30 September 2019 on Friday 11 October 2019.”