Cettire shares rise on additional financial disclosures
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More news: Shares in Cettire were up nearly 5% to $1.57 in early trading after the luxury online retailer provided additional financial parameters for FY24 gross revenue and customer numbers.
RBC Capital Markets analysts said in a note that the latest gross revenue figure was higher than their estimate, which implied a higher-than-expected returns rate. The analysts were 'neutral' on the update.
Cettire said its gross revenue the fiscal year is between $975 million and $980 million, an 81% to 82% increase from the previous year, while active customer numbers stood at 692,287, up 64% from the previous year.
What they said: "CTT's return rates have noticeably increased in 2H24, however, remain below FY22 levels when the company had its free returns policy," RBC said.
Cettire posts gross revenue jump ahead of FY24 results
The news: Luxury online retailer Cettire has posted additional financial metrics, ahead of its full-year results following a request from the ASX for further information after it provided an FY24 update in June.
The numbers: Cettire said gross revenue for the 12 months to 30 June was expected to be between $975 million and $980 million, an 81% to 82% increase from the previous year.
It had 692,287 active customers in FY24, up 64% from the previous year.
In June, the company reported FY24 sales revenue between $735 million to $745 million, representing year-on-year growth of 77% to 79%, while earnings guidance between $32 million and $35 million was below market estimates.
Cettire's share price last closed at $1.50 and over the last 12 months has plummeted 56.65%.
The context: Cettire said the figures came in response to an ASX query, and it was now in position to confirm additional financial metrics for FY24.
The company’s share price has slumped in recent months amid an increasingly challenging operating environment and media reports that duties charged by the company on goods were not paid to the federal government, claims which Cettire has rejected.
The source: ASX announcement
