Australia's City Chic top loser on ASX 200 after soft start to year

City Chic Collective

25/08/2022 02:27

** Shares of City Chic Collective Ltd  CCX.AX  slide as much
as 24.2% to A$1.865 in their biggest intraday pct loss since
Feb. 24
    ** CCX top loser on the ASX 200 benchmark index  .AXJO ,
touches lowest level since July 6
    ** Apparel and accessories retailer posts FY22 statutory net
profit after tax of A$22.3 mln ($15.44 mln), missing consensus
estimate by 17%  urn:newsml:reuters.com:*:nASX70JJNq
    ** Citi says consensus for H1 2023 revenue growth of 15% may
need to be trimmed as a result of the soft start to the year
    ** "It seems inventory has peaked with company targeting
inventory of A$125 mln to A$135 mln at the end of FY23" - Citi
    ** Citi says CCX's avenue business in FY23 to date has
traded below last year and notes co has reduced forward orders
into FY23    
    ** About 3.8 mln shares change hands, compared with the
30-day average volume of 1.4 mln shares
    ** Stock had fallen 55.3% this year, as of last close
    
($1 = 1.4445 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))