World News Luxury retailer Cettire updates market with additional financials following ASX queries Blog

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Under-pressure online luxury retailer Cettire has released additional financial information after it was recently questioned by the Australian Securities Exchange and an earnings downgrade in June sent its share price falling to its lowest level since mid-2022.

The company confirmed to the market on Wednesday that it expects gross revenue for the 12 months ending in June to be between $975 million and $980 million, up from the $735 million to $745 million guidance it gave investors on June 24.

The June update also warned investors that full-year pretax profit would be between $32 million and $35 million, well below the consensus estimate of $44.1 million.

The company, founded at the time by Dean Mintz, said the global, luxury-only environment in which it operates had become “more challenging” in recent months.

Mr Mintz told investors that the number of repeat customers was “increasing” and that Cettire’s offering of selling a wide range of discounted designer clothing and accessories online was appealing to them.

However, he said that due to “more difficult market conditions”, Cettire had spent more on marketing and advertising to keep up with competitors who also offer end-of-season sales.

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