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Highlights
- Michael Hill witnessed robust sales growth in the May quarter
- City Chic made new partnerships with The Iconic, Dia, Amazon, Walmart, Zalando, and Debenhams
- The Ease of COVID-19 lockdowns and operations of commercial flights in the Indonesian region are raising prospects for the delivery of pearls for ATP
As COVID-19 restrictions are easing off worldwide, businesses and workplaces have started returning to their regular schedule with a full workforce capacity. The fashion industry will benefit from this state of recovery as people are expected to rush to purchase clothes and jewellery once they step out of their homes. With this note, let us have a look at how these three ASX-listed fashion stocks: MXJ, CCX, and ATP, performed in the March quarter.
Michael Hill International Limited (ASX:MHJ)
Michael Hill is a jewellery retailer in North America and Oceania. It trades a variety of diamond engagement rings, diamond jewellery, earrings, watches, and bracelets.
MHJ experienced solid sales growth in the March quarter. Let us have a look at key highlights.
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At the end of the quarter, the company’s total number of stores reached 283 across all markets spanning Australia, New Zealand, and Canada.
City Chic Collective Limited (ASX:CCX)
City Chic is a fashion retailer based in Australia. It has plus-sized women’s apparel, footwear and clothing offerings.
CCX’s business was affected in January and February due to COVID-19-related restrictions, after which, it has been witnessing week-on-week improvements. It also witnessed an improvement in the Easter week this year compared to last year. Let us have a look at the company’s trading update in the period between 27 December to 24 April:
- Total sales growth of 25.4%, with wholesale growth being the largest at 2415.4%
- 2% sales growth in the American region
- Rapidly growing global partnership and 465% sales growth. Made new partnerships with The Iconic, Dia, Amazon, Walmart, Zalando, and Debenhams.
Atlas Pearls specialises in silver & white South Sea pearl necklaces, rings, studs & more. The company is operating along with seven sites and harvests more than 550K pearls each year.
As the company’s farms are in the Indonesian Archipelago, the ease of COVID-19 lockdowns and the operation of commercial flights in the region are increasing opportunities for the delivery of pearls.
Key highlights of ATP for the March quarter are as follows:
- Cash inflow of AU$426K from operations, which exceeded the company’s expectations
- Revenue of AU$5 million from sales
- Held two physical auctions in Bali which have continued online presentations for international participation
