Quick-growing style retailer Quiz has issued its second revenue warning in three months.
The Glasgow-based agency expects to make an annual revenue of £eight.2m, down from the earlier estimate of £11.5m made in October.
The group has additionally slashed its income expectations twice.
Boss Tarak Ramzan mentioned “the board considers it applicable to revise its gross sales and revenue expectations for the present yr”.
It comes after the group mentioned that over the Christmas buying and selling interval masking 25 November 2018 to five January 2019 revenues have been up eight.four%.
The group’s on-line income elevated by 34.1% throughout the interval.
Founder and chief government Mr Ramzan mentioned: “Towards the backdrop of difficult buying and selling circumstances over latest months, Quiz has delivered additional income progress over the Christmas interval pushed by the efficiency of our personal web sites. “
However he mentioned the expansion and the margin achieved had “been under our preliminary expectations”.
Gross margins within the six months to 31 March 2019 are actually anticipated to be round 60.5%, down from 62% within the six months to 30 September.
Mr Ramzan added: “We stay assured about Quiz’s long-term potential as an omni-channel style model with a transparent buyer focus. Administration’s utmost precedence stays reaching additional progress for the enterprise and enhancing profitability sooner or later.”
Quiz was based in 1993 and now runs about 70 shops and 148 concessions throughout the UK, in addition to dozens of franchises in abroad areas together with within the Republic of Eire, Saudi Arabia, Malaysia, Singapore, United Arab Emirates, Cyprus, Egypt, Georgia and Pakistan.
The corporate says the model targets primarily 16 to 35-year-old “style ahead females”.
Final yr it launched a brand new assortment in collaboration with Gabby Allen, a finalist in TV actuality present Love Island.
The group raised greater than £100m when it floated on the London Inventory Trade’s junior Goal market in July 2018.
It put aside greater than £10m of that to assist fund additional growth.