1 week Ago By Peter Holmes
Shares in an online Australian retailer soared by more than 60% on the Australian Stock Exchange (ASX) on Tuesday morning. At close of play on Monday one share in Cettire was trading at $1.34.
By opening Tuesday it was at $1.60 and then – following a dip to $1.57 and then the release of results – it was on.
At 10:15am it was at $1.74. The first boom peaked at 10:20am at $1.
98. By 10:35am it had pulled back to $1.90, before staging a second charge.
Cettire ASX. At 10:45am it was trading at $2.04, before peaking at $2.
14 at 10:50am. It then settled at around $2.04 around 11:30am, before dipping to $1.
98 on the upswing of noon. According to the ASX the price peaked at $2.20, which represented a 64% price rise.
Cettire ASX. Some 13 million shares had been traded, and the rise valued at the company at about $500 million. Cettire sells high-end products from over 500 designers, including Valentino, Alexander McQueen, Off-White, Prada, Balenciaga, Bottega Veneta, Saint Lauren, Christian Louboutin, Dolce & Gabbana, Fendi and Gucci.
A new season Moncler Loff Quilted Jacket can be yours for just $3,766.54 – down from $4,087.11.
Can’t say fairer than that. Cettire jacket. New season Brunello Cucinelli Graphic Printed Crewneck T-Shirt.
And why pay $820.67 for a new season Brunello Cucinelli Graphic Printed Crewneck T-Shirt (above), when Cettire will send it your way for just $567.66? Meanwhile, if Italian-made gloves that are 85% wool and 15% cashmere are the finger warmers you require, Cettire will see you right with a pair of Gucci Double G Rib-Knit Gloves ($573.
16, down from $656.54, if you don’t mind). Gucci Double G Rib-Knit Gloves.
Finally, a pair of new season women’s Vetements Logo Embellished Jeans are pretty much being given away, with the RRP of $3,578.89 being waved away and replaced with just $3,298.98.
Very expensive jeans. The annual results, released at 9:11am, showed Cettire had 692,000 active customers and had 78% sales revenue growth (up to $742 million), and 61% gross revenue from repeat customers. “This performance was consistent across the first three quarters of the financial year, with the first half the strongest half ever for Cettire,” said Kerry Robert (Bob) East, Chairman and Non‐Executive Director.
“The final quarter of the year was impacted by factors including softening demand trends in the luxury sector and unprecedented clearance sales activity, in part impacted by the exit from the market of certain participants.” Cettire boots. He said a major strategic milestone was achieved during FY24, with Cettire launching its domestic China platform: “China is the largest luxury market in the world and the launch represents an important initial step towards participating in that opportunity.
” The company had adjusted EBITDA of $32.5 million compared with $29.3 million in FY23.
Net profit after tax was $10.5 million, down from $16 million in FY23. However investors are clearly speculating on potential, not profit.
Active customers increased by 64% year-on-year, and the average order value rose 7% to $798. The stock rise doesn’t return the company anywhere near its 12-month high of $4.90.
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