Cettire shares dive 30pc after flagging US tariff headwinds and softer consumer demand
Shares in Cettire are copping a beating after the online retailer warned volatility caused by US tariffs, weaker demand in established markets and a challenged luxury goods market have impacted profitability.
The Dean Mintz-led business on Thursday said sales revenue of $693.8 million for the financial year to the end of May was up 1.7 per cent, compared with the prior corresponding period. Gross revenue lifted 2.2 per cent to $920.1m.
In the trading update to the market, Cettire said the period was characterised by continued challenges in the global luxury market, amplified by US tariff policy changes, as well as weaker demand in established markets during April and May.
It said there was moderation in its promotional activity, pointing to a soft June-quarter revenue performance.
Cettire shares are down 29 per cent to 33¢ just after 10am. They are off nearly 80 per cent for the year so far.
The Melbourne-based company — which sells products from more than 2500 luxury brands like Gucci, Christian Dior, Givenchy and Burberry — delivered a margin of about 16 per cent over the period, reflecting the continuation of heightened promotional activity.
As a result, Cettire recorded adjusted earnings of $500,000.
Mr Mintz said year-to-date profitability was impacted by volatile market conditions, including significant foreign exchange swings, which contributed around $2m of the negative adjusted earnings during April and May.
This was in addition to the $2.1m announced in Cettire's third quarter trading update in April.
'The operating environment within the global personal luxury goods market since (the trading update in April) has remained volatile, with a continued softening of demand in the company's established markets, notably in the US,' Mr Mintz said.
'Recent results from luxury industry participants point to continued challenges in the sector, amplified by trade uncertainty surrounding US tariff policy.
'As a result, elevated promotional activity persists across the market. Against this backdrop, Cettire's focus remains on geographic revenue diversification and improving delivered margin percentage.'
Active customers fell 1.3 per cent to 671,328.
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The Advertiser
an hour ago
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Youth circus sticks the landing to run Circus Oz centre
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The company is based in Albury-Wodonga and tours internationally, with graduates working in top global circuses such as Cirque du Soleil. It makes Flying Fruit Fly Circus the biggest operator of professional circus facilities in Australia, according to chief executive Richard Hull. The company entered a public tender to run the site, in part to ensure it would not be repurposed, he said. "It's about being able to secure an amazing circus facility in Melbourne for our sector and for our circus community," said Hull. "Our concern was that through this tender process, it could have been easily lost to another art form or another use altogether." The government-owned facility was originally built with Circus Oz and opened in 2014. In 2021, Circus Oz lost millions in ongoing government funding as part of the National Performing Arts Framework. The once-successful company was wound down, losing staff and cancelling projects, and has since been run on a much reduced scale. Access to the Melbourne facility for the rest of the circus community has also been limited, creating frustration and further controversy in the industry. It has not been available for hire at all since around March. Circus Oz will remain a tenant in the building, which will be named Circus Centre Melbourne. "This will be a game-changer that opens up this facility while offering programs that will strengthen the sector and support the next generation of performing artists," Creative Industries Minister Colin Brooks said. The hope is to use the facility to develop a world-class circus hub to rival Quebec, where Cirque du Soleil is based, and for Melbourne to regain the crown as the creative centre of Australian contemporary circus. "Circus is a very needy art form, it requires big spaces with lots of height, very expensive equipment, and a very rigorous culture of safety, you can't just do it anywhere," said Hull. For the Flying Fruit Fly Circus the move is its biggest expansion since its founding in 1979. It will recruit a Melbourne-based team to run the centre, but its full time circus school will remain in Albury. The national youth circus will take over the operation of one of Australia's biggest circus training centres, originally built for Circus Oz. The Flying Fruit Fly Circus, Australia's only full-time circus school for primary and secondary students, will operate the site at Collingwood in Melbourne, the Victorian government announced on Friday. The company is based in Albury-Wodonga and tours internationally, with graduates working in top global circuses such as Cirque du Soleil. It makes Flying Fruit Fly Circus the biggest operator of professional circus facilities in Australia, according to chief executive Richard Hull. The company entered a public tender to run the site, in part to ensure it would not be repurposed, he said. "It's about being able to secure an amazing circus facility in Melbourne for our sector and for our circus community," said Hull. "Our concern was that through this tender process, it could have been easily lost to another art form or another use altogether." The government-owned facility was originally built with Circus Oz and opened in 2014. In 2021, Circus Oz lost millions in ongoing government funding as part of the National Performing Arts Framework. The once-successful company was wound down, losing staff and cancelling projects, and has since been run on a much reduced scale. Access to the Melbourne facility for the rest of the circus community has also been limited, creating frustration and further controversy in the industry. It has not been available for hire at all since around March. Circus Oz will remain a tenant in the building, which will be named Circus Centre Melbourne. "This will be a game-changer that opens up this facility while offering programs that will strengthen the sector and support the next generation of performing artists," Creative Industries Minister Colin Brooks said. The hope is to use the facility to develop a world-class circus hub to rival Quebec, where Cirque du Soleil is based, and for Melbourne to regain the crown as the creative centre of Australian contemporary circus. "Circus is a very needy art form, it requires big spaces with lots of height, very expensive equipment, and a very rigorous culture of safety, you can't just do it anywhere," said Hull. For the Flying Fruit Fly Circus the move is its biggest expansion since its founding in 1979. It will recruit a Melbourne-based team to run the centre, but its full time circus school will remain in Albury. The national youth circus will take over the operation of one of Australia's biggest circus training centres, originally built for Circus Oz. The Flying Fruit Fly Circus, Australia's only full-time circus school for primary and secondary students, will operate the site at Collingwood in Melbourne, the Victorian government announced on Friday. The company is based in Albury-Wodonga and tours internationally, with graduates working in top global circuses such as Cirque du Soleil. It makes Flying Fruit Fly Circus the biggest operator of professional circus facilities in Australia, according to chief executive Richard Hull. The company entered a public tender to run the site, in part to ensure it would not be repurposed, he said. "It's about being able to secure an amazing circus facility in Melbourne for our sector and for our circus community," said Hull. "Our concern was that through this tender process, it could have been easily lost to another art form or another use altogether." The government-owned facility was originally built with Circus Oz and opened in 2014. In 2021, Circus Oz lost millions in ongoing government funding as part of the National Performing Arts Framework. The once-successful company was wound down, losing staff and cancelling projects, and has since been run on a much reduced scale. Access to the Melbourne facility for the rest of the circus community has also been limited, creating frustration and further controversy in the industry. It has not been available for hire at all since around March. Circus Oz will remain a tenant in the building, which will be named Circus Centre Melbourne. "This will be a game-changer that opens up this facility while offering programs that will strengthen the sector and support the next generation of performing artists," Creative Industries Minister Colin Brooks said. The hope is to use the facility to develop a world-class circus hub to rival Quebec, where Cirque du Soleil is based, and for Melbourne to regain the crown as the creative centre of Australian contemporary circus. "Circus is a very needy art form, it requires big spaces with lots of height, very expensive equipment, and a very rigorous culture of safety, you can't just do it anywhere," said Hull. For the Flying Fruit Fly Circus the move is its biggest expansion since its founding in 1979. It will recruit a Melbourne-based team to run the centre, but its full time circus school will remain in Albury.
