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Highlights:
- Cettire’s share price rose more than 15% on ASX on Tuesday.
- The ASX 200 Consumer Discretionary sector was trading 0.725% stronger at 1:05 PM AEDT.
Shares of online luxury goods retailer Cettire Limited (ASX:CTT) were spotted trading significantly higher on ASX on Tuesday afternoon. The company’s share price surged 15.161% to AU$1.785 apiece on ASX at 12:45 PM AEDT today (25 October 2022).
Cettire’s share price has declined over 45% on ASX in the previous 12 months. Moreover, on a year-to-date (YTD) basis, its share price has dropped below 50.68% on ASX (as of 12:45 PM AEDT today).
What is driving Cettire’s share price higher on ASX today?
Today, Cettire’s shares were spotted trading over 15% higher on ASX during the afternoon trading hours despite any major price-sensitive news released by the company. Cettire’s share price might have surged, buoyed by the strength in the overall sector.
The ASX 200 Consumer Discretionary sector (INDEXASX:XDJ) was quoted at 2765.7 points, up by 0.725% on ASX today, at 1:05 PM AEDT.
Recent updates shared by Cettire
On 11 October 2022, Cettire shared the trading results from the first quarter of FY23 ended on 30 September 2022 (Q1 FY23). The following are the key highlights of Cettire’s Q1 FY23 results:
- Cettire’s sales revenue growth in Q1 FY23 exceeded 70% compared to the previous corresponding period.
- The company reported an adjusted EBITDA of AU$5.5 million on a delivered margin greater than 20%.
- Cettire has experienced continued steady growth in active customers and revenue from its existing customers.
- By the end of Q1 FY23, the company remains confident in its Q2 outlook and self-funding strategy, with net cash of approximately AU$30 million.
Dean Mintz, Founder and CEO, Cettire, said:
