Advertisement

Cettire’s Revenue Increases 95% in Q3

Reading Time: 2 mins
By Published On: April 12, 20240 Comments

Despite a series of controversies following the luxury goods retailer this quarter, Cettire has reported strong sales growth for Q3 FY24.

Cettire has reported a sales revenue of $191 million for Q3 FY24, up 88 percent on the prior corresponding period. The company’s gross revenue has also reportedly increased 95 percent to $256.7 million. It delivered an adjusted EBITDA of $6 million, on a delivered margin greater than 20 percent. YTD FY24 Adjusted EBITDA  for the first nine months was $32.1 million on YTD FY24 Sales Revenue of $545.2 million.

In the quarter, active customers grew 84 percent up to 644k. Average order value rocketed to $832, up 12 percent, with repeat customers driving 62 percent of sales.

Cettire’s Founder and CEO, Dean Mintz, said: “This result reflects continued strength in Cettire’s quarterly performance, with ongoing momentum in sales revenue, active customer growth and conversion to profit. Cettire continues to rapidly drive market penetration across its global footprint. Market conditions remain constructive and we have supplemented our strong customer proposition with marketing investment. Further, our increased focus on traffic quality has driven significant year-on-year improvement in conversion rate and an uplift in average order values.”

Looking ahead, Mintz says Cettire is well positioned for Q4 and has confirmed a China market launch before the end of the financial year. 

“During the quarter we have also made significant progress in relation to our strategy to enter the mainland China market. We confirm that Cettire will launch in the China market during Q4 FY24. This represents an important strategic milestone for the Company as we seek to further establish Cettire as a leading global luxury platform.” 

This latest sales boom did little to inspire confidence from investors with shares initially jumping 13 percent at open on Friday morning to $3.62, before plummeting to a low of $3.12 as at midday Friday. 

In March, the Australian Financial Review alleged Cettire was dodging duty and tax payments, and while the company released a statement in response explaining their processes – the scrutiny remained with shares sliding 30 percent since the release of the articles. 

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

Share this story!

Leave A Comment

Advertisement
Advertisement
Advertisement
Advertisement