Cettire posts sales dip in first quarter trading update
Online luxury retailer Cettire has seen a 3 per cent decline, year-on-year, in sales revenue for the first quarter of this fiscal year.
In a trading update for the quarter ended September 30, the company reported sales revenue of $150.3 million, down from $155 million.
The company delivered a margin of 15 per cent as a result of continued heightened promotional activity.
Adjusted EBITDA rose to $2.5 million, an increase of $500,000 compared to the same quarter last year and an improvement of about $10 million on the previous quarter.
Cettire’s active customer base stood at approximately 641,000, down 8 per cent on the prior year, which the company attributed to “more conservative marketing investment,” while repeat customers continued to deliver strong gross revenue contributions.
Although the company reported 18 per cent growth in gross revenue outside the US, there was a 15 per cent decline in the US market.
“Despite the challenging industry backdrop, we have remained focused on executing our plan to profitably grow Cettire’s share of the global personal luxury goods market,” said founder and CEO Dean Mintz.
“The company has continued to deliver on its long-term strategy by growing its supply chain, further enhancing its technology platform and building the team.
Moving forward, Cettire said it will continue to focus on geographic diversification of its revenue base and remains focused on its strategy to grow profitably while self-funding.
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