In The Style revenue tumbles 22% in ‘difficult’ December

In The Style has reported total revenue for the quarter ending 31 December slide by a concerning 22% in what the company’s interim CEO Adam Frisby called a ‘difficult’ month.

Direct-to-consumer revenue also fell by 13%, while gross margin for the quarter was lower than expectations. It was however broadly in-line with In The Style’s rivals, the fast fashion retailer claimed.

A statement from the company read: “Following an encouraging performance in November, the trading environment in December was challenging.

“This reflected high levels of markdown activity across the market, disruption to delivery services and the impact of cost-of-living pressures on our customers.”

Stock levels were managed well throughout the peak trading months, with the company closing Q3 with stock of £3.2 million.

After reporting lower than anticipated revenue and gross margins, adjusted EBITDA of between $4.25 million and $4.75 million is expected for the year.


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Frisby said: “Following an encouraging performance in November and throughout the important Black Friday trading Period, the trading environment in December was more difficult.

“This reflected high levels of markdown activity across the market, disruption to delivery services, and the impact of cost-of-living pressures on our customers.

“Despite these challenges, we are encouraged by the positive customer reaction to FITS, our own brand range, which provides an exciting opportunity for us to further leverage the strengths of our influencer collaboration model.

“We are firmly focused on launching exciting, unique and inclusive new collections for our customers in collaboration with our influencer partners as well as tightly managing stock, costs, and cash.

“I remain absolutely confident in the fundamental strengths of the In The Style brand as well as our differentiated model.”

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