Revolution Beauty Group PLC shares dropped 12% after reporting sales dipped by a fifth over the first half of the year.
Sales declined by 20% to £72 million in the six months to August, as Revolution assured growth was set to return later in the year and profits would be in line with the last.
The cosmetics group has been looking to sell off stock in a bid to refocus on a simplified product portfolio.
Analysts at Panmure Liberum noted the hit to revenue had been worse than expected so far, with the update painting a “mixed picture” as profit guidance was maintained.
“The shift in strategy [...] is going well with sell-through rates here holding up, but the clearance of non-core products was always the focus and this has not gone as well as hoped,” analysts added.
Shares in the beauty retailer fell almost 12% to 15.83p early on.