What is weighing on City Chic’s (ASX:CCX) shares today?

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 What is weighing on City Chic’s (ASX:CCX) shares today?
Image source: © Photomall | Megapixl.com

Highlights: 

  • Today City Chic has released its FY22 business updates as addressed by the Chairman at the AGM. 
  • Followed by this update, City Chic’s share price dropped by 26.432% on ASX at 1:06 PM AEDT. 

Shares of the apparel retailer City Chic Collective Limited (ASX:CCX) were trading significantly lower on ASX on Friday afternoon. The company’s share price stood at AU$1.022 per share, down by 26.438% on ASX at 1:06 PM AEDT today (25 November 2022). 

Today, the board of City Chic has released some of its key business updates for FY22, which were also addressed by the company’s Chairman at the Annual General Meeting recently. 

Meanwhile, the share price of City Chic has fallen over 83% on ASX in the last 12 months. On a YTD basis, its share price dropped by nearly 81% on ASX (as of 1:06 PM AEDT today). 

Key business updates of City Chic in FY22

The following are the highlights of City Chic’s financial performance in FY22: 

 

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Data Source- company announcement dated 25 November 2022

 

FY23 outlook of City Chic

The board of City Chic has announced that the company will be focusing on the following activities to increase its market share and customer base in FY23: 

Image Source © 2022 Kalkine Media ®

Data Source- company announcement dated 25 November 2022

In addition to that, the company is also planning to actively manage its cost base depending on prevailing demand and trading conditions.

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