(Alliance News) - In The Style Group PLC on Friday said it expected its annual revenue in the financial year to March 31 to fall, and it anticipates a swing to an adjusted loss before interest, tax, depreciation and amortisation.

Shares in the Bradford, England-based online retailer of womenswear fashion fell 28% to 8.15 pence each in London on Friday afternoon.

In The Style expects annual revenue "to be in region" of GBP46 million, down 19% from GBP57.3 million a year ago. Further, it anticipates to turn to an adjusted Ebitda loss of between GBP4.3 million to GBP4.8 million, compared to an adjusted Ebitda profit of GBP551 million a year ago.

For its third quarter to December 31, revenue declined by 22% from a year prior, In The Style said. Direct-to-customer revenue was down 13%.

In The Style added that its strategic review, which it announced in December and might result in a sale, is ongoing.

Interim Chief Executive Officer Adam 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." He added that the company is focused on launching new collections.

By Tom Budszus, Alliance News reporter

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