25/08/2022 17:49

City Chic (CCX) $1.985

CCX -19.31%: retailers have largely surprised to the upside this reporting season, however, shares in City Chic were sold off heavily after today’s weak FY22 result and outlook. Sales grew 39%, but fell short of consensus, while profit rose just 3% as margins were squeezed, the $22m posted was an 18% miss to expectations. Inventory ballooned in...

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25/03/2022 09:39

City Chic Collective Ltd (CCX) $3.35

We believe ladies fashion business City Chic (CCX) is a top quality retailer that has simply hit a rough patch and this feels like one which the market may have got wrong medium term. The half year earnings delivered in February weren’t good, the question is it creating an opportunity – sales revenue of $178mn was up 49%, NPAT was down 6% and operating cash flow was negative $19.4mn flowing through to no dividend. The stock plunged..

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08/03/2022 09:31

City Chic Collective (CCX) $3.35

MM has stated repeatedly that 2022 will be a year that would often hammer the crowded trade and CCX is proving a perfect example after already halving from its late 2021 high -  virtually every mid-cap manager held had this one in their portfolios. However, the stock was hammered over 30% following a disappointing half-year result which has since been followed up by the news that the stocks lost its position in the ASX200 – when it rains it pours as people in Brisbane & Sydney can testify to today.

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