June 11, 2019 / 9:39 AM / a month ago

BUZZ-Quiz Plc: Plummets as profit slumps amid British retail gloom

(Updates stock movement, adds details)

** Shares of British fast-fashion retailer Quiz Plc drop over 28% to 20p, hit lowest since April 17

** Co reports FY underlying pretax profit of 0.6 mln pounds ($760,740) vs 9.6 mln pounds a year ago

** The retailer says trading conditions remained challenging in the year to date

** FY revenue higher but gross margin at 60.7% vs 63.0% last year

** Co has concluded strategic review process and reduced its exposure to UK department stores

** Also terminated some third-party online contracts which were helping sales but hitting profitability

** Targets 2.3 mln pounds of cost savings in the medium term

** “Whilst there is a brand and potential here, it may be some time before everything clicks” - PeelHunt

** Up to Monday’s close, stock had fallen ~17% this year vs smaller peer Moss Bros 22% fall and larger peer French Connection ~4.5% slip for the same period ($1 = 0.7887 pounds) (Reporting by Yadarisa Shabong and Shariq Khan in Bengaluru)

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