Glasgow-based fashion firm Quiz plc published an update on trading for the period between December 1 and December 31, 2023, and its current cash position.

“Consistent with the trends experienced in previous months, as outlined in the interim results, group sales in the period decreased 11%, or £1.1m, year on year to £8.7m.

“This reduction reflects the negative impact of inflationary pressures on consumer demand which resulted in declines in traffic both in-store and online offsetting consistent year-on-year trends in key metrics such as conversion rates and average transaction values.

“The gross margin performance was consistent year-on-year.

“The board remains confident in achieving current market expectations for the Full Year.”

On its cash position, Quiz said that as at January 22, 2024, the group had total liquidity headroom of £5.4 million — a cash balance of £2 million and £3.4 million of undrawn bank facilities.

Quiz said its £4 million of bank facilities available will expire in June 2024. There are no financial covenants applicable to these facilities.

“As announced as its interim results, the board is progressing its review of the strategic options available to the group and intends to report the findings from this review by the end of March 2024,” said the firm.

On December 5, Quiz announced a “review of strategic options” to be led by non-executive chairman Peter Cowgill “to evaluate options to maximise shareholder value.”

Cowgill is former executive chairman of JD Sports Fashion.