The company’s online sales remained stagnant at £20m and its half-year underlying profits fell from £4.2m to £0.6m.

Revenues at the fashion retailer had also fallen by 5% for the six months to September 30th from £66.7m to £63.3m.

Tarak Ramzan, founder and chief executive officer, said: “The group’s performance has resulted in an underlying profit before tax of £0.6m.

“Whilst it is disappointing to report a decline of profits year-on-year, management are focused on implementing the actions identified further to the group’s business review conducted earlier in 2019. We are pleased to report progress improving gross margins and reducing costs across the business, and will look for further improvements to develop our omni-channel offering.

“The group has continued to generate cash and had £7.2m of cash at the period end. The board remains firmly focused on further improving the group’s financial performance and growing revenues with a strong focus on QUIZ’s online and international channels.

“The exceptional charge incurred in relation to store impairments and onerous leases is partially attributable to the structural shifts whereby consumers are increasingly shopping online. We have a clear customer focus, a healthy brand and a flexible model that the Board believes will enable QUIZ to adapt to the changing retail environment and return to profitable growth in the medium term.”

John Moore, senior investment manager at Brewin Dolphin, commented: “These results are a bit of a nightmare before Christmas for Quiz. Revenue decreases at its bricks and mortar offering is not a particular shock; however, flat online revenue to mitigate that loss is a shock and disappointment.

“The city has been worried about Quiz for some time now and today’s figures will do little to ease those concerns. The implementation of its root and branch review will be absolutely critical to Quiz’s future prospects – there is a significant amount of work to be done to make the brand distinct, self-sufficient and capable of handling the wider challenges in retail.”