Quiz shares slump as group warns of potential need for further funding

Clothing business Quiz warned on Friday that it may require additional funding as decreased footfall weighed on sales in the three months ended 30 November.

Quiz said it had experienced a "marked decline" in both online and in-store traffic in the quarter, with revenue for the period down £1.5m at £24.9m and year-to-date sales slipping 8.6% to £52.2m.

The Glasgow based firm said it quarterly underperformance was principally due to uncertainty around the impact on trading of both November's Black Friday sales period, which took place a week later than in previous years, and October's Budget.

As a result, Quiz said additional funding would likely be necessary early in the new year in the absence of "a material improvement" to trading during the all-important pre-and-post-Christmas period.

Quiz added that net borrowings sat at £2.8m and said it had total liquidity headroom of £1.2m.

As of 0930 GMT, Quiz shares had slumped 44.30% to 2.98p.

Reporting by Iain Gilbert at Sharecast.com