Good morning, let’s take a look at:
QUIZ (LON:QUIZ)Xaar (LON:XAR)Not sure if there is anything else worth covering. I might just add a few thoughts on IFRS 16.
QUIZ (LON:QUIZ)
Share price: 16.18p (-3%)No. of shares: 124 millionMarket cap: £20 millionTrading update
Trading at Quiz is “broadly in line with the Board’s expectations against the backdrop of a difficult UK retail environment”.
This means a slight miss against expectations.
Revenue is down 5% in H1, with flat gross margin.
Online revenue is flat, but the company provides an adjusted measure which says that online revenues grew:
Online revenues grew by 7% to £20.0m (HI 2019: £18.7m), once adjusted for unprofitable revenue streams terminated during the year. Total online revenues in the previous period were £20.0m, consistent with the current year.
Store sales growth, unsurprisingly, is very poor, but at least the second derivative is ok!
Sales in the Group’s UK standalone stores and concessions decreased by 11% to £31.3m in H1 2020 (H1 2019: £35.1m). The rate of decline experienced has reduced in recent weeks.
It would be nice to have clarity on whether we can…
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