Australian clothing retailer City Chic soars 41% on estimate-beating forecast

City Chic Collective

28/08/2024 01:41

** Shares of Australian plus-sized fashion retailer City
Chic Collective  CCX.AX  soar as much as 41.5% to A$0.145,
marking their biggest intraday pct jump since mid-May 2018
    ** CCX hits its highest level since June 24
    ** More than 7.5 mln shares change hands, vs the 30-day
average of 881,911 shares
    ** CCX targets FY25 revenue between A$142 mln ($96.46 mln)
and A$160 mln, ahead of A$131.6 mln in FY24 and Citi estimate of
A$138.8 mln
    ** Forecasts FY25 EBITDA between A$11 mln-A$18 mln, vs a
loss of A$8.4 mln in FY24 and Visible Alpha consensus of A$13.3
mln
    ** Adds that trading gross margins up 28% in first 8 weeks
of FY25 - ahead of Citi expectations
    ** Update looks upbeat relative to our expectations, says
Citi
    ** CCX down 77.1% this year, as of last close


($1 = 1.4721 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))