Online fashion brand In The Style has warned it will lose more than previously expected during its current financial year.
The Salford-headquartered company has revealed it is now forecasting its full-year adjusted EBITDA loss will be between £4.25m and £4.75m.
The AIM-listed company added it now also expects its revenue to be around £46m.
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In the 12 months to the end of March 2022, In the Style reported a revenue of £57.3m, up from £33.7m, and pre-tax losses of £1.5m compared to a profit of £125,000 in the prior year.
In The Style said its revenue drop reflected "market-wide cost-of-living pressures on consumer demand, higher levels of markdowns and a reduction in wholesale demand".
It added that it will "continue to focus on cash management and liquidity".
The trading update comes after the company appointed Lincoln International to lead a strategic review which could lead to a full or part sale of the business.
Founder and interim chief executive 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.
"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."
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