Cettire is reporting a highly profitable quarter and founder and CEO Dean Mintz says he has no intention to sell shares at the moment.
Luxury goods marketplace Cettire has released its Q3 results with a sales revenue of $141.3 million, up 122 percent on the pcp and 108 percent on Q3 2022. This quarter brings Cettire’s YTD sales revenue to $329 million.
EBITDA (for the four-months ending 30 April 2023 was at least $7 million, on a delivered margin of greater than 20 percent.
April monthly sales revenue increased by approximately 160 percent year-on-year, and the Company expects to maintain monthly growth rates at least at this level through the balance of FY23.
Active customers grew 47 percent on the pcp to 371,749, up 42 percent on Q3 2022.
According to the trading update, Cettire experienced a continuation of the strong profitability trends described at the FY22 and H1 FY23 results, notwithstanding Q3 is traditionally regarded as a seasonal low point.
Last year, the company reported ‘rapid, profitable growth’ and confirmed that going forward, Cettire would be operated to maximise profitable revenue growth, whilst also self funding.
At the release of its results in 2022, enigmatic and famously private founder Dean Mintz surprised investors when he sold 35 million shares for over $47.2 million in March 2022, and again in October sold down a further 41 million shares, a $60 million stake in the company. Following this week’s results update, media speculation around whether Mintz would continue the pattern was shut down by a statement made this morning reading, “the Board has been informed by Mr Mintz that this speculation is unfounded and that he does not have any intention to sell shares in the Company at the current time.”
Commenting on the Company’s performance, Mintz, said: “Cettire continues to demonstrate exceptional operating momentum, with revenue growing at a faster rate than in H1 FY23. It is particularly pleasing to see the Company’s localisation strategy is delivering results, with revenue from its emerging markets outpacing the Group. The revenue growth acceleration in April was underpinned by further growth in repeat customer revenue and an acceleration in growth in active customers. Cettire is rapidly growing share in a large and growing global market, which benefits from the structural shift to online.”
Cettire will release its full-year results for the 12 months ending 30 June 2023 in August 2023.
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