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In The Style warns of profits as sales skyrocket

In The Style reported a surge in sales, but warned that it expects profits to be hit by supply chain problems that plague the UK.

Manchester-based women’s clothing e-tailer said on Friday that higher freight rates, disrupted shipping timing, and higher return rates will impact its profitability. The problem is likely to continue until the end of March’s fiscal year, he said.

In response to this news, the company’s stock price fell by more than 14%.

Adam Frisby, CEO and Founder, said: We are in a good position to continue to grow In The Style and realize the exciting potential of the brand. ”

The warning came because the company reported a 45% year-on-year increase in group revenues between April and August, while a nearly 50% increase in total e-commerce orders.

In-the-style sales surge

Retailers said their own apps continued to offer a strong level of consumer engagement, with sales through the app increasing from 53% in the previous year to 62%.

The Group’s wholesale sales surged by more than 200% during this period, thanks to new partnerships, including a partnership with Asda, whose brand was launched in 100 supermarkets in the United Kingdom.

In The Style has grown rapidly in recent years, launching an IPO in March, raising a total revenue of £ 11m.

“We are pleased with the strong sales momentum achieved during the previous fiscal year,” said Frisbee.

“This momentum is underpinned by a growing consumer awareness of In The Style and a clear brand mission to enable customers to be courageous, embrace physical confidence and, above all, love themselves. I am. “

In The Style warns of profits as sales skyrocket

Source link In The Style warns of profits as sales skyrocket

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