Brief: City Chic Collective Remains On Track To Achieve Positive Net Cash Position At End Of FY23

City Chic Collective

22/05/2023 02:27

May 22 (Reuters) - City Chic Collective Ltd  CCX.AX :
    * REMAINS ON TRACK TO ACHIEVE A POSITIVE NET CASH POSITION
AT END
OF FY23
    * CURRENT A$46.5 MILLION DEBT FACILITY HAS BEEN AMENDED
    * DECIDED TO ACCELERATE ITS INVENTORY UNWIND, WITH FOCUS ON
EMEA
GIVEN ADDITIONAL INVENTORY IN THAT MARKET
    * INVENTORY IS EXPECTED TO REDUCE FURTHER THROUGH FY24, WITH
MARGINS LIKELY TO REMAIN SOFT THROUGH H1 FY24
    * EXPECTS TO HAVE A STRONGER INVENTORY POSITION FROM Q2 FY24
    * INVENTORY UNWIND EXPECTED TO DRIVE CASH FLOWS AND REDUCE 
INVENTORY BALANCE AT  END OF FY23 TO LESS THAN A$100M
    * GROUP SALES FOR 45 WEEKS TO 14 MAY 2023 ARE DOWN 15.2% TO
A$262.2M

Source text for Eikon:  ID:nASX3HQC3m 
Further company coverage:  CCX.AX 

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