Cettire (ASX:CTT) records 65% sales growth in 1HY23
Nick Sundich, February 7, 2023
Cettire (ASX:CTT) has had a positive start to CY23 with the shares up 46% in CY23, and that was before it released its 1HY23 results this morning, reporting 65% sales growth.
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CTT records 65% sales growth
CTT, a luxury online goods retailer, recorded a 65% jump in sales revenue to $187.7m, while gross revenue rose 57% to $242.7m (revenue prior to returns and allowances). The company’s EBITDA swung from $9.9m in the red to $16.7m in the black, while NPAT went from an $8.3m loss to a $8m profit.
Other pleasing news for CTT shareholders were that active customers grew 50% from 208,721 to 313,982 while the average order value rose 7% from $712 to $759.
The company also provided a trading update for the first two months of 2HY23, reporting that sales revenue was 80% higher than the prior corresponding period and that it remained EBITDA positive.
2023 set to be a better year
CTT had a difficult 2022 as shoppers returned to brick and mortar stores. Adding insult to injury were share sales by the company’s founder and CEO.
Cettire (ASX:CTT) share price chart, log scale (Source: TradingView)
Shares have begun to recover in recent months as the company shifted to profitable growth. Today’s result illustrates that the company is on track, but it still has some way to go before it returns to its all time highs. The stock is down 9% today, so maybe investors were expecting even more growth than the company is now flagging.
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