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Quiz issues shock profit warning

Quiz issues shock profit warning

A profit warning from fast-fashion retailer Quiz (QUIZ) – which only listed last year – sent the shares plummeting 35 per cent last Friday. But anybody who thought the market’s shock might ease over the weekend was sorely mistaken when the stock took another 30 per cent dive at market open on Monday. Management has blamed a combination of factors, but most notably lower sales to third parties such as Next (NXT) and Debenhams (DEB). It has cut its first-half cash profit expectations by £1.5m to "not less" than £5.5m. And if this third-party sales trend persists, cash profits for the year to March 2019 could land around £11.5m, against broker Peel Hunt’s previous £16m forecast.

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