Omni-channel fashion brand Quiz has launched a strategic review of its business as its revenue dropped in the first half (H1) of fiscal year 2024 (FY24).

The review, aimed at maximising value to shareholders, will be led by Quiz’s non-executive chairman Peter Cowgill.

Decisions from the strategic review will be released in the first quarter of the next fiscal year.

Quiz, which is based in Glasgow, Scotland, recorded revenue of £42.3m ($53.4m) in the first half of FY24, down by 14% from the same period in H1 FY23, as the rising cost of living and inflationary pressures impacted customer spending.

In the six months to 30 September 2023, the retailer posted a half-year loss before tax of £1.5m as against a profit of £1.8m in the same period a year previously.

Its loss per share for the period was 0.96p as against earnings per share of 1.19p in H1 FY23.

Sales for the two months to 30 November 2023, including the Black Friday sales period, were £14.1m, down from £16m in the same period of the previous financial year.

Taking account of the ongoing cost of living and inflationary pressures, the retailer expects its full-year revenues to be 6% to 8% below present market expectations.

Quiz founder and chief executive officer Tarak Ramzan stated: "This has been a challenging period for many retailers, and we have not been immune to the widely publicised macro headwinds impacting consumer demand. Notwithstanding the ongoing pressure on consumers, we have continued to focus on taking the right decisions for our long-term future, including prioritising protecting full-price sales and carefully managing our store portfolio.

“I remain confident that Quiz remains a strong, distinctive brand known for providing glamorous looks at good value prices. However, given the prolonged period of challenging trading, we believe it is prudent to examine a range of options to maximise shareholder value."