Australia's City Chic Collective set for worst day since Dec 2022 on dour HY results

City Chic Collective

27/02/2024 02:11

** Shares of City Chic Collective  CCX.AX  slump as much as
19.6% to A$0.450, set for their worst day since Dec 20, 2022, if
losses hold  
    ** The apparel and footwear co reports HY loss from ordinary
activities attributable A$24 mln ($15.68 mln), missing Visible
Alpha consensus of loss of A$15 mln, according to Citi      
    ** Co posts a 29% drop in HY revenue to A$105.8 mln; does
not declare interim dividend 
    ** Co, however, expects to trade profitably in H2 FY2024,
even as trading conditions remain uncertain 
    ** "We expect the focus to be on the strategy for the North
American business noting the company previously indicated it is
involved in exploratory discussions that could create
shareholder value," Citi analysts say 
    ** Shares hit lowest since Jan 29 
    ** Stock has risen ~4.7% this year, as of last close


   ($1 = 1.5307 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))