- CCX shares have moved up from their six-month low price on ASX.
- City Chic collective posts strong unaudited trading results in H1-22.
- Despite impacts of pandemic City Chic Collective has seen revenue growth.
ASX listed women’s’ apparel retailer, City Chic Collective Limited (ASX:CCX), shares are jumping up from their six-month low price on ASX today. The consumer stock is trading over 11% higher than previous close. CCX shares are trading at AU$4.99 each as of 11:45 AM AEDT. The sudden jump in share price is seen after CCX released a trading update showing sales growth despite the pandemic.
How has H1-22 been for City Chic Collective?
- CCX in its ASX release has revealed an unaudited sales revenue growth of 49.8% in H1-22.
- Alongside this, CCX has achieved a comparable sales growth of 44% in H1-22.
- Despite ongoing pandemic related volatility and widespread impacts of the new omicron variant, CCX’s revenue growth has remained strong across regions.
- Company’s active customer base rose by a 23% during the period pushed by a website traffic increase of 22% during the period.
- The unaudited underlying EBITDA for CCX stands lies in the range of AU$22.5 to 23.5 million.
- The underlying EBITDA was achieved after including an AU$4 million impact from store closures, acquisitions and pandemic related marketing and cost reduction measures.
- City Chic also reveals a zero debt and strong inventory position, which is supported by sales growth in US and Australia during Black Friday and Christmas.
- However, CCX is still facing the brunt of global supply chain issues.
City Chic’s sales growth even after the pandemic’s affect seems to be reflecting positively on its share price on ASX today. More from ASX- How Michael Hill reported record Christmas sales despite COVID-19 closures