Cettire shares extend losses after Bell Potter downgrade
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More news: Cettire shares continued to tumble in morning trade, having dropped 31.2% on Thursday, after Bell Potter downgraded its rating on the retail platform to 'sell' off the back of a disappointing trading update.
Cettire shares were down 18.8% to 26 cents at 11:50am AEST, taking annual losses to 88.7%.
Bell Potter downgrades Cettire to 'sell' as US demand slides
The news: Bell Potter has placed a 'sell' rating on Cettire after the luxury retail platform missed earnings estimates on Thursday, sparking a 31% selloff.
The numbers: Bell Potter downgraded Cettire from 'neutral' to 'sell' and slashed its valuation on the stock from 47.5 cents to 28 cents. Shares last closed at 32 cents.
The context: Analyst Chami Ratnapala said Cettire's adjusted earnings of $500,000 for the 2025 fiscal year to date was a "material miss" to consensus FY25 forecasts of $7.8 million.
Trading in April and May also saw sales revenue tumble 21% compared to the prior corresponding period, with an adjusted EBITDA loss of $6.9 million.
Ratnapala said Cettire's "poor trajectory" is due to a softer demand environment in the company's US market — which forms around 50% of the business — following recent tariff announcements.
Bell Potter now forecasts a longer-dated recovery, and a possible capital raise, with a return to adjusted EBITDA profitability in the third quarter of fiscal 2026.
The source: Bell Potter research
