TIDMITS
RNS Number : 4409N
In The Style Group PLC
20 January 2023
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
2018.
20 January 2023
In The Style Group plc
("In The Style", the "Company" or the "Group")
Trading update for the three months to 31 December 2022
In The Style, the disruptive digital womenswear fashion brand
with an innovative influencer collaboration model, provides a
trading update for the three months to 31 December 2022.
Financial and operational update
- 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.
- Total revenue for the quarter declined 22% on the prior year.
Direct-to-consumer ("DTC") revenue declined by 13% and gross margin
for the quarter was lower than our expectations. This is broadly
in-line with several of the Group's peers.
- The Group has managed stock levels well through the peak
trading months and closed the quarter with stock of GBP3.2 million
(31 December 2021: GBP3.6 million).
- Cash at the end of December was GBP3.2 million with the
Group's invoice discounting facility which would provide an
additional GBP0.4 million of liquidity remaining undrawn.
Current outlook
- We now expect revenue for the full year to be in the region of
GBP46 million reflecting market-wide cost-of-living pressures on
consumer demand, higher levels of markdowns and a reduction in
wholesale demand.
- As a result of lower than anticipated revenue and gross
margins, it is now expected that the Group will report an Adjusted
EBITDA loss of between GBP4.25 million and GBP4.75 million for the
year.
- The Group will continue to focus on cash management and liquidity.
Ongoing strategic review
On 8 December 2022 the Company announced that it was to conduct
a strategic review of the Group's business as a whole (the
"Strategic Review") and that it had appointed Lincoln International
to assist with the process. The Strategic Review is ongoing and, as
previously announced, may or may not result in a sale of the
Company or some or all of the Group's business or assets. A further
update will be made in due course.
Adam Frisby, Interim CEO, commented: "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."
For media enquiries:
Please contact the team at Hudson Sandler on +44 (0)20 7796 4133
or email inthestyle@hudsonsandler.com .
In The Style Group plc Via Hudson Sandler
Jim Sharp, Chairman
Adam Frisby, Interim CEO
Rich Monaghan, CFO
Hudson Sandler +44 (0)20 7796 4133
Alex Brennan inthestyle@hudsonsandler.com
Ben Wilson
Liberum Capital Limited (Nomad and Broker) +44 (0)20 3100
2000
Clayton Bush
Scott Mathieson
Miquela Bezuidenhoudt
Lincoln International LLP (Financial Advisor) +44 (0)20 7022
9880
Harry Kalmanowicz
Julian Tunnicliffe
About In The Style
In The Style is a disruptive digital womenswear fashion brand
with an innovative social media influencer collaboration model.
Founded in 2013 by entrepreneur Adam Frisby, the brand champions
inclusivity, body positivity and real beauty.
The brand's innovative and highly adaptable influencer
collaboration model, which sees it work with influencers on a
long-term basis to collaboratively design, develop and promote
branded collections, differentiates it from competitors. In The
Style currently partners with a stable of 25+ influencers,
including Jac Jossa, Stacey Solomon and Perrie Sian. Together they
enjoy a combined global social media reach of over 30m
followers.
For more information, please visit
https://corporate.inthestyle.com/about/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTNKKBPBBKDNDB
(END) Dow Jones Newswires
January 20, 2023 07:54 ET (12:54 GMT)
Itsarm (LSE:ITS)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Itsarm (LSE:ITS)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
