Shares of Glasgow-based fashion firm Quiz rose as much as 8% on Tuesday despite a trading update from the firm covering the financial year ended March 31, 2021, that showed revenues fell 66% to £39.7 million.

In its outlook, Quiz said: “The group continues to focus on identifying and delivering new opportunities to grow revenues through its own website and store network, as well as by working with new partners appropriate for the Quiz brand.

“The group looks forward to the further reopening of stores and concessions and the continued relaxation of restrictions on social activities, which the board believes will result in increased demand Quiz’s ranges which have traditionally provided popular options for social events and celebrations.”

Quiz CEO Tarak Ramzan said: “With prolonged periods of store closures, the past 12 months has been a very challenging period for many in the UK retail sector, and Quiz has not been immune to this.

“However, against this difficult trading backdrop, the group has taken proactive actions to preserve cash and realign our store estate for the future retail landscape.

“In addition, we remain confident that there is robust underlying demand from our customers for the Quiz brand and our trademark dressy and occasionwear.

“We are looking forward to being able to serve customers again through our store estate and to the gradual opening up of the retail and leisure economies over the coming months, which we believe we are well placed to benefit from.”