Australian (ASX) Stock Market Forum

CTT - Cettire Limited

Rebound ace...

selling high-end

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... not for me.
 
Sales jumped 89 per cent to $354.3 million, underpinned by more active customers, and higher orders from those shoppers.

Sales growth was driven primarily by more active customers to 575,888 at period end, up from 313,982 a year ago, and growth in orders per active customer - those that have purchased in the past 12 months.

Statutory gross profit increased in the half to $82.2 million, from $47 million a year ago, driven by higher sales and cost management. Net profit for the half-year was $12.8 million, up 60 per cent.

It also flagged a strong start to the new half and said it is exploring capital management initiatives.

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and .... Cettire shares tumbled 22.1 per cent following an investigation by The Australian Financial Review, which revealed that duties charged by the company on goods were not paid to the federal government.

.
it seems some 23-25 per cent of goods are returned (down from 28, they proudly claim). AFR bought 4 items, which were dispatched as units and under $1000 each. Returned all 4 as one transaction and there was allegedly a cost on top of the flat fee, to cover duty.
 
Market Matters afternoon report:
  • Cettire (CTT) +79% had an unbelievable day on news accounting group Grant Thornton had signed off on an audit of the business with no change in its revenue policy i.e. the market thought CTT had dodgy books but todays news says otherwise.
Not Held
 
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