- Global luxury retailer Cettire (CTT) posts record results for H1 FY22 with gross revenue up 192 per cent from H1 FY21 to $154.1 million
- Sales revenue increased 181 per cent to $113.7 million while active customers grew 208 per cent from 68,000 in H1 FY21 to 209,000 in H1 FY22
- Cettire’s active customers grew 208 per cent from 68,000 in H1 FY21 to 209,000 in H1 FY22 while the number of orders increased 221 per cent from 67,000 to 215,000
- The firm spent over $25 million on marketing and advertising, nearly $22 million more than the previous half-year, which contributed significantly to a $8.3 million loss after tax
- Cettire is down 15.6 per cent on the market with shares trading at $2.55
Global luxury retailer Cettire (CTT) has posted record results for H1 FY22 with gross revenue up 192 per cent from H1 FY21 to $154.1 million.
Sales revenue increased 181 per cent to $113.7 million, and Cettire’s product margin increased 178 per cent to $42.7 million.
Cettire’s active customers grew 208 per cent from 68,000 in H1 FY21 to 209,000 in H1 FY22 while the number of orders increased 221 per cent from 67,000 to 215,000.
The firm spent more than $25 million on marketing and advertising, nearly $22 million more than the previous half-year, which contributed significantly to the $8.3 million statutory net loss after tax. The company posted a $2.3 million profit in the H1 FY21.
Despite the rise in revenue, Cettire reported an operational loss of $9.9 million, compared to an EBITDA of $4.8 million in H1 FY21.
“The financial results delivered over the first half of FY22 demonstrate the substantial progress we’ve made in executing our growth strategy,” Founder, CEO & Executive Director Dean Mintz commented.
“A number of important enhancements were implemented to our consumer proposition including further localisation, enabled by our proprietary e-commerce storefront solution, and investing in our brand.
“What excites us is that Cettire has only just started and is in the early stages of its growth journey.”
Cettire’s trading momentum has continued into H2 FY22 with the company recording a 242 per cent increase in unaudited gross revenue for January.
Our growth trajectory has continued into H2 FY22, where we have experienced a further acceleration in our growth rate in January,” Mr Mintz continued.
“Given the global growth opportunity available to Cettire, we will be running the business to maximise revenues by further investing in brand and customer acquisition, to drive long-term shareholder value.”
As of December 31, Cettire had a cash balance of $55.5 million and no debt, up from $47.1 million and no debt as at June 30, 2021.
This increase provides balance sheet flexibility to further capitalise on the multiple global growth opportunities Cettire is currently acting on.
Cettire was down 15.6 per cent on the market, with shares trading at $2.55 at 11:21 am AEDT.