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City Chic bounces on trading update

On Friday, global fashion retailer City Chic Collective saw its shares surge, after the provider of plus size clothing and accessories released a trading update for the last six months.

In light of the heightened market uncertainty around the impacts of COVID-19 and global supply chain issues on the retail industry, City Chic made the update based on preliminary and unaudited numbers.

Despite the continued volatility and widespread impacts relating to the pandemic and the new omicron variant, the company reported that revenue growth remained strong in all regions, achieving sales revenue of $178.3 million, and delivering growth of 49.8%.

Underlying EBITDA was also in the range of $22.5-23.5 million, in line with the prior corresponding period, despite it including a $4 million impact from store closures, along with the impact of acquisitions and COVID-19 related marketing and cost reduction measures taken in the prior comparable period.

Phil Ryan, Chief Executive Officer and Managing Director of City Chic said: “I am pleased with our trading results for the first half, with strong revenue growth in all regions despite well publicised labour shortages and impacts to global logistics and supply chains, and government directed lockdowns related to the pandemic. We are continuing to drive growth across all our regions while adapting our business to address the ongoing challenges. The particularly strong performance in the USA demonstrates our potential to capture and grow our share of international markets. The global opportunity for City Chic is stronger than ever and we continue to experience growing customer demand across our multi-channel offering.”

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