How are Cettire’s (ASX:CTT) shares faring post 80% revenue jump

Highlights:

• In October 2022, Cettire reported 82% rise in sales revenue.
• The company recorded EBITDA of AU$3 million in October.
• Cettire’s share price surged by 2.22% on Thursday (17 November 2022) at 1:18 PM AEDT.

Luxury online retailer Cettire Limited (ASX:CTT) on Thursday (17 November 2022) confirmed at its annual general meeting (AGM) that it experienced positive trading momentum as reflected by its October 2022 and year-to-date (YTD) financial performance.

In October 2022, the company reported a more than 80% increase in sales revenue growth over the prior corresponding period (pcp). Unaudited adjusted EBITDA was at least AU$3 million in October 2022, taking the FY23 (the financial year 2023) YTD adjusted EBITDA to approximately AU$8.5 million.

Here, FY23 YTD represents four months to 31 October 2022.

Key financial metrics of October 2022 and FY23 YTD

• The gross revenue in October 2022 increased 71% on pcp to AU$45.9 million. FY23 YTD gross revenue rose by 65% on pcp.
• The sales revenue increased to AU$34.8 million, up 82% on pcp. FY23 YTD sales revenue surged by 75% on pcp.
• The average order value increased by 13% on pcp to 839 in October 2022.
• Active customers zoomed up by 88% on pcp.
• As of 31 October 2022, the net cash balance was more than AU$40 million.

Management Commentary

Dean Mintz, Founder and CEO, Cettire commented on the financial performance,

Cettire on the path of localisation

Cettire intends to localise its platform further. In accordance with its strategy, the company has begun with the deployment of multi-language features as it released a Chinese-language site. The Chinese version of the mobile application is anticipated to be released soon, and additional languages will be released in the course of time, shared Cettire.

Mintz stated on the development,

Share the performance of Cettire

Today, at 1:18 PM AEDT, Cettire’s shares were spotted trading 2.22% higher at AU$1.71 per share. Including today’s gain, in the past six months, the share price surged by 242%. On a year-to-date basis, the share price decreased by 53.41%, and the yearly fall is 62.25%.