E Point Perfect

In The Style makes pre-tax loss as boss Sam Perkins warns on ‘challenging year’

In The Style
// In The Style posts pre-tax loss in first full-year results as listed company
// It made a pre-tax loss of £1.5 million in the year to March 31 2022

In The Style has posted a pre-tax loss in its first full-year results as a listed company, as boss Sam Perkins warns of the year ahead.

The online fashion retailer made a pre-tax loss of £1.5 million in the year to March 31 2022, down from a pre-tax profit of £100,000 the previous year.

In The Style’s adjusted EBITDA dropped 84% year-on-year to £600,000 from £3.8 million the previous year as product cost increases impact wholesale gross margin.

READ MORE: In The Style raises £1m for charity with Dame Deborah James tie-up

Group revenue rose 28% year-on-year to £57.3 million, with DTC and wholesale revenue up 23% to £44.7 million and 52% to £12.6 million respectively.

The online fashion retailer’s orders increased 13% during the financial period to 1.5 million, while its average order value rose 21% to £52, order frequency rose 9% and active customer numbers grew 4%.

In The Style launched 193 collaborations and collections in partnership with 27 influencers during the year.

It expects revenue in its current financial year to be flat as the business focuses on its DTC arm and plans to move into a new warehouse.

Against this backdrop alongside “uncertain market conditions” it expects to report an adjusted EBITDA loss of £2 million for its current financial year.

“I am pleased to report that in our first full year as a public company In The Style has delivered further strong revenue growth, representing almost 200% on a two-year basis,” chief executive Sam Perkins said.

“This has been supported by encouraging improvements across all our key customer and brand metrics.

“This year is expected to be a challenging one for consumers and retailers. We are taking actions to respond including prudent cost control, cash management and executing against our refined growth strategy.”

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