In The Style posts H1 loss, revenues decline

In The Style Group revenue reduced by 11 percent to 26.6 million pounds in the first six month period but increased 208 percent compared to the first half of 2020.

Gross profit margin increased by 1.4 percent pts to 48.5 percent, while adjusted EBITDA loss for the period was 1.8 million pounds. The group also made a loss before tax of 3.1 million pounds.

The company’s direct-to-consumer (DTC) remained flat at 22.8 million pounds, while wholesale revenue reduced by 45 percent to 3.7 million pounds.

The company said in a release that the board has undertaken a strategic review of the business and has appointed Lincoln International to assist with this process.

Commenting on the outlook, Adam Frisby, founder and chief brand officer of In The Style Group said: "We expect trading conditions to be challenging in the second half. We will continue to focus on cost control and profitability, and we look forward to delivering further strategic progress over the remainder of the financial year.”

The company’s board confirms its expectation for a full year.

In The Style saw positive trading through Black Friday Cyber Fortnight, with gross order value up 6 percent than 2021 and 12 percent higher than 2020; average order value up 12 percent compared to 2021 and 24 percent against 2020; and gross margin 1.8 percent pts above that achieved in 2021, with a lower level of discounting.