CTT -3.42%: a strong 1Q update from the e-commerce luxury goods retailer wasn’t enough to impress the market with Cettire falling to 7-week lows. Revenue was up 98% to $167.4m in the quarter with active customers up 69% showing the company has had little trouble capturing new customers and growing the percentage of the luxury goods market that trades online. EBITDA was up 58% to $8.7m, though perhaps not as impressive as other metrics would imply. The upside is that the company is profitable and now in a great position to self-fund growth. Cettire’s Founder & CEO Dean Mints owns more than a third of the shares on issue and has a history of selling down a block after quarterly updates and results, perhaps another block is around the corner?
MM is marginally bullish CTT
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