Shares of Glasgow-based fashion firm Quiz plc fell about 7% after it said its revenues fell in the period from April 1 to May 31.

The firm also confirmed its £4 million bank facilities have been renewed for a further 12 months to June 30, 2025. There are no financial covenants applicable to these facilities.

“Since the year ended 31 March 2024, UK sales have continued to be impacted by ongoing cost-of-living pressures on our customers,” said Quiz.

“As a result, revenues in the period from 1 April to 31 May 2024 amounted to £13.8 million, a £1.7 million reduction on the prior year period which is consistent with expectations for the period.

“The gross margin performance in the period was consistent year-on-year.

“Notwithstanding the continued difficult trading environment in the period, the group is encouraged by a 12% increase in demand for Quiz product in international territories and sales in Quiz stores being broadly comparable year-on-year on a like-for-like basis. 

“UK online traffic has, however, been more severely impacted by the challenging environment and pressures on customers outlined above.  

“The company is continuing to manage its cost base and working capital carefully and is continuing to identify opportunities to improve its revenue and profits.”