(Alliance News) - Shares of In The Style Group PLC fell out of fashion on Friday as it warned that profitability will be affected by the freight and supply chain disruption of recent months.
Shares in the Manchester-based e-commerce womenswear fashion brand were 11% lower at 173.80 pence on Friday in London.
In the Style warned that, despite its attempts to use the most efficient channels whenever possible to ship its products, it expects that higher freight costs and disruption to the timing of shipments are expected to remain for at least the remainder of the current financial year ending March 31, 2022.
Also hurting profit was an increased returns rate during the period from April to August.
However, for this same period, In The Style reported a 45% year-on-year in revenue and a 50% rise in e-commerce gross order value, driven by increased awareness, and higher customer demand due to the return of social events during the summer.
"We are pleased with the strong sales momentum achieved during the financial year to date. This momentum has been supported by increasing consumer awareness of In The Style and our clear brand mission to empower customers to be brave, embrace body confidence and, most of all, love themselves for who they are," said Chief Executive Officer Adam Frisby.
"We continue to invest in our team and infrastructure to support our long-term growth, and despite the widely-publicised external headwinds expected to continue to impact across the retail industry over the coming months, we remain very well positioned to continue to grow In The Style and achieve the brand's exciting potential."
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
