Global Luxury online retailer, Cettire (CTT), known for selling high end fashion such as Gucci bags, Dolce & Gabbana jeans and Jimmy choo shoes, caught the street (financial analysts) off guard yesterday morning as the stocks gapped up on the open on the back of strong FY23 reporting.
Given the ASX 200 has be sluggish, Cettire’s numbers are even more impressive considering the mid-range fashion retailer Myer fell 9% on back of their reporting a couple of days ago.
About Cettire
Cettire is a high-end online luxury fashion retailer. They sell a vast range of products from over 500 designers, which include an extensive range of women’s and men’s wear from world-renowned brands such as Prada, Gucci, Saint Laurent, Balenciaga and Valentino.
What was reported
- Bottom line profit of $16 million, compared to $19 million loss year before
- Gross revenue up 87% to $539.2 million while 160,000 active customers were added
- Fiscal 2023 sales came in at $416.3 million, up 98%% year over year, compared with $209,884 in fiscal 2022
Management stated:
“FY23 has been another year of tremendous growth and transformation for Cettire. Through strong execution against our strategy to maximise profitable revenue growth, Cettire grew rapidly whilst also delivering significant profitability and cash generation“.
Trade Action
- Quantity : Buy 2000 shares
- Entry : Buy up to $3.33
- Stop Loss : $2.96
- First Target Price : $4.00
