Australia's City Chic Collective hits over 2-1/2-year low on bleak outlook

City Chic Collective

25/11/2022 24:20

** Shares of Australia-based omnichannel retailer City Chic
Collective  CCX.AX  dive as much as 24.10% to A$1.055, their
lowest level since March 2020 
    ** Says so far in fiscal 2023, revenue globally has
decreased by 2% YTD  urn:newsml:reuters.com:*:nFWN32K0KL
    ** Sees continued pressure on consumer demand going into
second half of 2023    
    ** Says inventory as at end of first-half expected to be in
the range of A$168 million ($113.64 million) to A$174 million 
    ** Analysts at Citi say today's update from CCX is 
"materially worse than expected" from an earnings perspective 
    ** Shares on track to mark their biggest pct loss since Aug.
25
    ** CCX has lost over 18.6% in value so far this week 
    ** Citi flags material downside risks to consensus earnings
per share forecast  
    ** More than 5.2 mln shares change hands as compared with
the 30-day average volume of ~1.4 mln shares  
    ** Stock down 74.7% this year, as of last close, vs a 2.7%
decrease in the benchmark S&P/ASX 200 index  .AXJO  
($1 = 1.4784 Australian dollars)
 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))